Emerging markets attractive with valuations down: Oaktree's Marks

Famed debt investor says there is a bond bubble, but high yield is not expensive relative to other bonds

Published Sun, Nov 1, 2015 · 09:50 PM

Singapore

EMERGING markets are attractive because valuations have corrected while the long term outlook is bright, said famed debt investor Howard Marks.

"They're not the meat of what we do (but) I think they are attractive," Mr Marks, co-founder and co-chairman of alternative investment firm Oaktree Capital Management, told The Business Times in an interview.

New York-based Mr Marks, 69, was in Singapore on Tuesday to begin his annual visit to various cities in Asia.

Displaying his trademark caution, he said: "The short term future of emerging markets, especially Asian emerging markets, is highly dependent on China for commodity demand, which is uncertain... But in the long term, I think the outlook is good, the relative outlook for Asia and emerging markets is positi…