Howard Marks says there are very few cheap stocks: 'Bargains come when people panic'
By Yun Li
Published on April 20, 2026.
Howard Marks, co-founder and co-chairman of Oaktree Capital Management, has warned that investors seeking bargains may be disappointed, despite bouts of volatility. He said that the current environment reflects an ongoing "tug of war" between bullish and bearish forces, with optimism largely dominant since late 2022. This has led to elevated asset prices and decreased opportunities for investors. His comments come as risk appetite remains strong despite ongoing tensions between the United States and Iran.
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