Oaktree Capital's co-founder Howard Marks just dropped a warning that's worth paying attention to. He's calling out how the Fed's tinkering with interest rates is basically pushing investors toward riskier bets. When returns from safer options start looking mediocre, people naturally hunt for bigger yields elsewhere - even if it means taking on more danger.

Marks has seen enough market cycles to know how this story usually ends. Central banks mess with the price of borrowing, and suddenly everyone's chasing yield in places they probably shouldn't be. It's the classic setup: low rates make boring investments unappealing, so money flows into speculative plays.

The real question? Whether folks realize they're being herded into higher-risk territory, or if they'll only figure it out when things go sideways. Classic market psychology at work.