Core Viewpoint - The U.S. stock market is currently at a historically expensive level but has not yet reached a bubble stage [1] Valuation Discrepancy - The valuation gap between the most expensive and the cheapest stocks in the U.S. market is around the 75th to 80th percentile historically, indicating that only about 25% of historical periods have had a more extreme valuation gap [1] Historical Context - The co-founder of AQR Capital Management, Cliff Asness, has only identified two clear market bubbles in his career: during the internet bubble and around 2019, although he may have been early in his assessment during the latter [1] Long-term Outlook - High valuations do not necessarily indicate an imminent market crash, but they may suggest disappointing long-term returns [1]
AQR资管创办人：美股估值昂贵但尚未达到泡沫阶段
Ge Long Hui A P P·2025-11-11 07:42