Billionaire investor Howard Marks explains why the Fed's recent behavior is delaying an inevitable recession — and ensuring the next one will be even worse Howard Marks, the co-founder and co-chairman of $122 billion Oaktree Capital, cites the worrisome nature of the four most dangerous words in investing: "This time is different." In a recent memo to clients, Marks explains the issues with central banks artificially preventing a recession through excessive quantitative easing. Click here for more BI Prime stories . It's safe to say that when Howard Marks writes a memo, the entire investing community leans in to take heed. The billionaire co-founder and co-chairman of Oaktree Capital Management , which currently oversees $122 billion, garnered his prestigious reputation through an array of contrarian market calls during some of the most mercurial economic environments. And, although Marks is highly opposed to forecasting, he articulates his opinions swiftly and clearly in terms of probabilities and best guesses. But the recent ubiquity of one phrase in particular seems to have Marks a bit apprehensive of the future: This time it's different.