Howard Marks: Market Overvalued, But No Bubble

Oaktree Capital Management chairman Howard Marks recently had an interview with Christoph Gisiger of Finanz und Wirtschaft, (h/t Zero Hedge), telling Gisiger that the market is on the high side of fair, but doesn’t look like a bubble, and that there should be enough new investors falling in love with the market to fuel this bull run for a while longer.

“Let’s think about a pendulum: It swings from too rich to too cheap, but it never swings halfway and stops. And it never swings halfway and goes back to where it came from,” said Howard Marks.

He explains that...