Howard Marks, the billionaire co-founder of Oaktree Capital Markets, is urging investors to adopt the same cautious approach that his firm has used for years. Marks doesn't see any obvious asset bubbles, but is concerned about the reach for yield in risky corners of the credit markets, he said in an interview with the Swiss newspaper NZZ News. He offered a three-part approach to transitioning your portfolio so it's not caught off-guard by the next recession or financial crisis. Visit Business Insider's homepage for more stories.