TOKYO: WeWork's failure to go public and this year's disappointing tech IPOs in the United States are a positive sign of market discipline and investor vigilance, Oaktree Capital's billionaire co-chairman Howard Marks said.
"I think it was a success for the market. This is a positive sign that the market is behaving as it should," the 73-year-old veteran investor told Reuters on Wednesday."This is a low return world. Asset prices are high but not absurd. Too much money chasing too few deals," he said."I don't think we're in a bubble. I don't think the conditions today are extreme or crazy... I don't think we have to have a meltdown or a crash.
The distressed debt guru singled out China for bargains, adding that some of the Latin American countries that have gone through political or economic difficulties were also attractive.