历史在重演？传奇投资人敲响美股泡沫“警钟”

Group 1 - Oaktree Capital Management's co-founder Howard Marks warns that the U.S. stock market is in the "early stages" of a bubble, despite not being at a critical adjustment point yet [1] - Marks highlights that current asset prices are expensive and recalls the last significant market correction occurred 16 years ago, reminiscent of the late 1990s tech stock boom [1] - He emphasizes that some tech stocks are historically overvalued and suggests that mean reversion is highly likely [1] Group 2 - Marks advises increasing defensive positions in investment portfolios, suggesting credit investments over stocks as a more defensive strategy [2] - He acknowledges that while bond spreads are narrow, they still offer better defensive characteristics compared to equities [2] - Marks asserts that the U.S. remains the best investment destination globally, despite a slight deterioration in the fundamental investment environment [2]