华尔街知名量化投资人：美股估值偏高但尚未形成泡沫

Core Viewpoint - AQR Capital Management co-founder Cliff Asness indicates that while U.S. stock market valuations are historically high, they have not yet reached "bubble" levels [1] Group 1: Market Valuation Insights - The valuation gap between the most expensive and cheapest stocks is currently at the 75th to 80th percentile historically, meaning it has only been wider about 25% of the time [1] - Asness notes that investors are paying higher prices for favored stocks, which is typically a positive signal for value investing, although this strategy has not been effective recently [1] - The cyclically adjusted Shiller P/E Ratio remains high, causing some concern for Asness [1] Group 2: Investment Strategies and Performance - AQR's multi-strategy fund, Apex, achieved a return of 15.6% as of Q3 this year, benefiting from stock selection and trend-following strategies [2] - Asness has only identified bubbles twice in his career: during the internet bubble and in 2019, suggesting that high valuations do not necessarily indicate an imminent market crash but may lead to disappointing returns over the next decade [2] Group 3: Broader Market Sentiment - Major banks, including Citigroup and JPMorgan, have refuted the "AI bubble" narrative, suggesting that the fundamentals supporting the stock market remain intact [2][3] - Citigroup's strategist Drew Pettit emphasizes that while short-term market weakness may be expected, the long-term bullish narrative around AI remains strong, presenting significant buying opportunities during pullbacks [2] - JPMorgan analysts express optimism about the U.S. stock market, predicting a strong breakout for the S&P 500 index, which is expected to rise by 3% from current levels [3] - Goldman Sachs compares the current AI investment cycle to the early stages of the 1990s tech boom, indicating that the current environment is more akin to a building phase rather than a speculative peak [3]