Updated: October 27, 2015
Earlier this week, Oaktree Capital Group’s billionaire co-founder Howard Marks had some sharp words for the Fed. He told Bloomberg:
“I wish the government would get out of the business of setting rates, and I wish rates would stop being unnaturally low.”
Marks is probably the richest and smartest money manager that individual investors have never heard of. He has a cool $100 billion under management and he’s been a regular on Forbes’ World Billionaires list for several years running.
Oaktree is famous for a number of gutsy, profitable moves – many of which have involved distressed debt. The firm has earned its clients an astounding 19% after fees on its distressed debt funds – helping make Marks himself a billionaire twice over.
With that kind of money and track record, why is Marks so worked up about interest rates? …