Co-founder of Oaktree Capital Management Howard Marks, known for his

predicted the dot-com bubble crash in the 2000s, warned that there aren't many interesting stocks to buy right now, writes CNBC: despite spikes in volatility, markets are still far from truly stressful levels.

"Basically, this isn't a fire sale," Marks said on Monday, April 20, commenting on the current situation in the U.S. stock market. "There are very few truly profitable buys. They pop up when folks panic, want to exit, and are willing to accept a lowball price. You can't really describe today's situation like that."

Risk appetite on American exchanges remains steady despite geopolitical upheavals, CNBC notes. Last week, U.S. stocks surged sharply after Iran declared the Strait of Hormuz 'fully open.' The S&P 500 index surpassed the 7100 mark for the first time, and the Nasdaq Composite index recorded its 13th consecutive session of gains, the longest such streak since 1992. However, over the weekend, tensions between the U.S. and Iran intensified, movement through the Strait of Hormuz was again interrupted, and on Monday, stocks declined while oil prices increased. Yet, traders seem to be betting that eventually, the two countries will reach a compromise, CNBC believes. They still find it hard to fully price in the worst-case scenario of war in the Persian Gulf, considering that stocks have bounced back almost from correction levels and are once again approaching historical highs, the channel explains.

Marks added that in recent years, the balance of power in the market has decisively shifted in favor of the bulls. "Optimists have essentially been winning for the last 43 months," the financier emphasized.

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