Howard Marks thinks almost everything an investor can buy today is expensive.

In an interview with Bloomberg News, Marks said: "We are at a point in the cycle where we feel virtually all assets are trading above their intrinsic value; some are in 'highly priced' territory, and there are few absolute bargains available."

Marks, who really kicked off the market's recent obsession with liquidity in a white paper published in March, told Bloomberg that though assets were expensive, "there's somewhat further to go before we reach peak exuberance, and thus peak prices."

Marks added that he thought assets in Europe looked more attractive than in the US.

Marks is the cochairman of Oaktree Capital, which has about $100 billion in assets under management.

In his most recent quarterly letter, GMO's Jeremy Grantham, who along with Marks is one of the most closely tracked voices in markets, said the Fed was determined to inflate a "fully fledged bubble." Grantham thinks the S&P 500 will climb to 2,250 before crashing; on Wednesday it closed at 2,125.

Read the full report at Bloomberg

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