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Howard Marks says business climate is decent despite recession fears

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The Oaktree Capital Management founder said whether or not the current economic climate is formally branded a recession is irrelevant.

A hot topic on Wall Street right now is whether or not the economy is in a recession. But Howard Marks, co-chairman at Oaktree Capital Management, took a more measured view Friday, saying "today is the same whether you call it a recession or you call it not a recession." "All I know is it's not bad. It's not great, and it's not bad. It's a decent business climate.

Marks took a similar view when asked about the current state of the economy, saying that "unlike so many others," he doesn't know where things will go next. "I think we're in normal territory in terms of risks and opportunities and Oaktree is operating in its normal fashion, neither exceedingly aggressive or exceedingly defensive," he said Friday on CNBC's "Squawk Box.

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