Oaktree's Marks growing more cautious

|About: Oaktree Capital Group (OAK)|By:, SA News Editor

"What I do know is that [current] conditions are creating a degree of risk for which there is no commensurate risk premium," writes Oaktree (OAK +0.6%) chief Howard Marks in his latest memo. "Although I have no idea what could make the day of reckoning come sooner rather than later, I don't think it's too early to take today's carefree market conditions into consideration."

While Marks says investor behavior hasn't quite sunk to the lows seen just ahead of the financial crisis, it's starting to get close. Reiterating his recent mantra of "move forward, but with caution," Marks today would boost the emphasis on the last three words.