On CNBC's "Closing Bell" on March 16, Oaktree Capital Co-Chairman Howard Marks (Trades, Portfolio) discussed the current market environment following its significant selloff last week in the wake of the coronavirus pandemic and the oil price war.
The major U.S. indexes suffered one of their worst days ever on Monday as the Dow Jones Industrial Average tumbled 12.9% and the S&P 500 Index sunk 12%. The Nasdaq Composite lost 12.32%.
Since the market is "pricing in a bad scenario," the renowned guru said it makes sense for investors to be buying into the market.
"I do think that here we are down 30 [percent] from the high -- and the high in my opinion was not a crazy high -- I think we have value here," he said. "And I've expressed the view that spending some money is not irrational here."
Despite seeing value in the market, Marks did caution against investors spending all their money as the selloff may be far from over.
Watch the full segment below.
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This article first appeared on GuruFocus.