Famous Wall Street investor Howard Marks is preparing to go bargain hunting for the first time in more than a decade, as surging interest rates turn the market’s fear of missing out into a fear of losing money.

Speaking after a week in which the Reserve Bank of Australia, the US Federal Reserve and the Bank of England raised official interest rates, the billionaire founder of Oaktree Capital Management said history suggested that central banks were unlikely to be able to engineer soft landings in their battle against inflation.