Oaktree says Europe will be a mess 'for a long time'

Howard Marks, chairman of alternative asset manager Oaktree Capital, is pessimistic about European economic prospects, but believes the turmoil could throw up some "very exciting" opportunities in real estate.

In a speech at Morgan Stanley Financials Conference in New York this morning, Marks said: “Europe will be big mess for a long time but there are three things I know – I don’t know what is going to happen, nobody else knows what is going to happen and all the experts are predicting different outcomes so 90% of them must be wrong, if not 100%. It is a folly to listen to anyone who say they know what is going to happen and make investments on that basis.”