Howard Marks Thinks There Is Nothing Cheap Across The Board

Howard Marks, the co-chairman of Oaktree Capital, said on CNBC's "Fast Money Halftime Report" that there are currently no cheap assets across the board.

There is nothing cheap today.

The stock market may be fairly priced, it may be rich, but nobody argues that it is cheap, added Marks.

He thinks that bonds are probably going to crack first, but he has a very little faith in that opinion. He explained in trading, business people have a little idea of what will happen, but no idea when it will happen.