Howard Marks, chairman of alternative asset manager Oaktree Capital, is pessimistic about European economic prospects, but believes the turmoil could throw up some "very exciting" opportunities in real estate.

In a speech at Morgan Stanley Financials Conference in New York this morning, Marks said: "Europe will be big mess for a long time but there are three things I know - I don't know what is going to happen, nobody else knows what is going to happen and all the experts are predicting different outcomes so 90% of them must be wrong, if not 100%. It is a folly to listen to anyone who say they know what is going to happen and make investments on that basis."