shery: oaktree capital cofounder and chairman.es amid a new era of slow growth in china. more details next. this is bloomberg. ♪ shery: here is a quick check of the headlines. sheryl sandberg is stepping down as chief operating officer of meta. she joined in 2008 and became one of the most recognized figures in global business by helping the startup transform to a social media giant that generated $120 billion in revenue last year. she will remain on the board. elon musk has given an ultimatum to test employee saying everybody at the company has to return to the office. the ceo sent any mail to executive staff with the subject line remote work is no longer acceptable. he wrote anyone who wishes to do remote work must be in the office for a minimum of 40 hours per week or leave tesla. haidi: half an hour away from the start of trading in china and hong kong. investors hoping for a return to tried and true strategies are facing a stark reality, that a new era of slow growth has begun. let's bring in sophia. the background of slowing

lisa: thank you for taking the time, howard marks, cofounder of oaktree capital.cinating to hear how much some of the pessimism that we hear today translates into more optimism because there is finally yield, finally opportunities, not a monolith of optimism out there. tom: it is old school but also with a superb excess of return over the years. what is interesting about your conversation, the idea of a lifting up of the actuarial assumption. i am not there yet. if you have a 5% assumption, when do you take it up to a 7% return? howard is the first person i heard that from. lisa: when you are seeing that on the average yield on these instruments, if you believe these companies will not default, you can get into the idea of whether the federal reserve has killed the credit cycle, if we will not get the same kind of the falls in the same way, this is what more people on the edges are talking about. tom: deborah cunningham pushing against ray dalio, making clear that cash is not trash. basically for faith and credit. there is finally some value there. that is nothing

alix: that was howard marks of oaktree capital on bloomberg television., the political climate in latin america and how it is affecting investments. we are going to speak with oscar decotelli, dxa invest ceo, coming up next. this is bloomberg. ♪ coming up, prudential's chief market strategist. this is bloomberg. ritika: keeping you up-to-date with news from around the world, here is the first word. ukraine will get advanced rocket systems and other weapons from the u.s.. president biden made the announcement in an article published in the new york times. the rockets will allow the ukrainians to hit targets up to 1500 miles away. ukraine has promised not to attack targets inside russia. governor kathy hochul and legislative leaders until raise the eagle aged purchase an ar 15 to 21 years old. they also say they will pass a package of measures to tighten gun laws this week. officials cited the recent shootings in uvalde, texas and buffalo. the peso rallied after adolfo hernandez declined to secure a place in the election this month. that reduces the chance

oaktree founder has told bloomberg that he sees a return to value firms for investors are tied the u.s.. >> sometimes there are better bargains. we have been investing in places like china and india in the last couple of years. we will continue to do so. to me, and investable says maybe there are some bargains there if everyone else is boycotting that sector. dani: let's get straight to singapore. they are saying there may be some bargains to be had but we are not seeing any dip far -- dips so far in china, what are you seeing? >> it is looking unsteady. they're saying it is risky to be in these markets. even though there is a lot of geopolitical head went out there and concerns about covid lockdowns, it does not change the reason that you should be investing in china. they are seeing a between percent upside in the china index over the next 12 months. let's have a look at that. we are expecting earnings downgrades as well. we have four percent earnings growth in 2022. a little bit below the market. it is a negative session on the back of those. fairly flat today. a bit of weakness wit

. ♪ yvonne: oaktree capital says market attitudes are more balanced now and he sees a better investmentnt for bargain hunters out there. he discusses his thesis exclusively on bloomberg surveillance. >> attitudes are more balanced today. but, you know, when there's euphoria, optimism, greed, risk tolerance and so forth, that's a very difficult climate for the value investor to find bargains. so we are happier today than we were six months ago. i don't know if we will be happier six months for now, that the bargains will be more pronounced. at least the bloom is off of the rose. >> at a time of such incredible uncertainty, how do you position seeing value now and seeing more value in six months? >> one of the six tenants of our investment philosophy, i believe in them thoroughly, is that we are not market timers. that means mostly two things. we never sell to raise cash to prepare for a decline. and we never say it's cheap today but it will be cheaper six months. if it is cheap today, we buy it. if it is cheaper in six months, we buy more. i think that that works much better than an asse

let's get to the oaktree founder howard marks, he spoke to bloomberg about the market attitudes, and he sees a better investment environment for bargain hunters. >> attitudes are more balanced today. when there is euphoria and optimism, greed and risk tolerance and so forth, that's a very difficult climate for the value investor to find bargains. the prospective returns on many asset classes are higher than they were just a little while ago, again, a much better climate for the bargain hunter. >> howard marks there on potential opportunities emerging in the market, as officials from the dovish and hawkish wings of the central bank stated course on tightening. jamie dimon is now warning investors to prepare for an economic hurricane ahead. that's head out to giulio renzi, which side are you on, the marks or the dimon side? giulio: the situation is challenging for any types of investors, investors that are looking at the medium to long-term to allocate resources, but also those that want to be more tactical. there's a lot of volatility in the market that is creating challenges. what we

tom: howard marks of oaktree. move onto to an incredibly important essay by barry ritholtz, host of masters of business. we are thrilled he could pull away from the watching of the jubilee coverage in london. i thought your note was spectacular about recessions state-by-state. you have the courage to go granular and do a lot more analysis than the chief punditry. does mississippi have a recession or does montana have a recession? barry: not only do they not have a recession, but they are expanding by the most they have expanded in quite a while. if you look at the philadelphia federal reserve index of state coincident indicators across all 50 states, every state in the union is expanding. you have all 50 states who not only are not in a recession but are seeing their economies grow. if you look at the history of recessions going back 30 or 40 years, long before a recession starts you start to see that number grow from 50 states to 45, 35 states. you do not have a recession start with all 50 states in an expansion,