(CNN) It's time for investors to start making safer bets.

That's what Howard Marks, co-chairman of Oaktree Capital, told CNNMoney editor-at-large Richard Quest on "Markets Now" on Wednesday.

"Defense is more important than offense" right now, said Marks, the author of "Mastering the Market Cycle: Getting the Odds on Your Side."

Investors should consider taking a stake in utilities, and decreasing their investments in more volatile tech stocks, he said.

Defense is the name of the game for a few reasons.

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