“ ‘We’re only down 15% from the all-time high of Feb. 19... it seems to me the world is more than 15% screwed up.’ ”

That’s Howard Marks, the billionaire founder of Oaktree Capital, commenting in a CNBC interview on what he sees as a huge disconnect between what the coronavirus pandemic is doing to the global economy and what we’re seeing in the stock market.

“It took seven years to get back to the 2000 highs in 2007. It took 5½ years to get back to the 2007 highs in late 2012,” Marks explained. “So, is it really appropriate that, given all the bad news in the world today, we should get back to the highs in only three months? That seems inappropriately positive.”