橡树资本马克斯预警：美股初现泡沫迹象，但调整临界点未至

Group 1 - Howard Marks warns that the U.S. stock market is in the early stages of a bubble, despite not yet reaching a critical adjustment point [1] - Current market valuations are considered high, with investors having not experienced a significant market correction for 16 years [1] - Marks draws parallels to the late 1990s tech bubble, noting that the market continued to rise for years before the bubble burst [1] Group 2 - The ratio of total U.S. stock market capitalization to GDP has reached a historical high, indicating potential underlying issues [1] - Marks suggests that now is the time to increase defensive positions in investment portfolios, with credit investments being a viable option compared to stocks [1] - Despite a slight deterioration in the fundamental investment environment, the U.S. remains the best investment destination globally [2]