Legendary investor Howard Marks says to snap up cheap assets now, as "waiting for the bottom is a terrible idea"

Howard Marks said that investors should load up on "bargain" stocks and bonds right now.

The legendary investor said that this year's sell-off has made high-quality assets more expensive, and that he is now buying the dip.

In an interview with the Financial Times, the founder and co-chair of Oaktree Capital Management said he was starting to act aggressively. Everything we deal in is less expensive than it was a year ago.

Marks invests in high-yield bonds, mortgage-backed securities, and a small number of stocks. Oaktree focused on investing in companies with high levels of debt.

As investors worry about rising interest rates causing a recession, stocks and bonds have lost value. The S&P 500 is down 18.1% and the US 10-year Treasury yield is up over 150 basis points.

Marks warned against the idea of trying to time the market bottom. He said that Oaktree's value investing strategy was not based on macroeconomic signals.

Marks thinks waiting for the bottom is a bad idea. He said that assets could become cheaper from their current valuations.

Marks, whose Oaktree investment memos are read by some of the world's greatest investors, weighed in on Cryptocurrencies. The asset class has suffered from a broad and deep sell-off this year.

Marks doesn't invest incryptocurrencies because they don't produce any money.

He said that assets that don't have cash flow don't have an inherent value.

In the past, Buffett and Munger have dismissed the virtual currency as rat poison squared.

A portfolio manager at Mario Gabelli's $41 billion firm says to buy 27 stocks that have the pricing power to deliver returns.