新债王冈拉克：美国股市陷入狂热，黄金是真正的避难所！将这种贵金属提升为“真正的资产类别”

Core Viewpoint - Jeffrey Gundlach, CEO of DoubleLine Capital, describes the current U.S. stock market as "frothy" and emphasizes gold as a primary safe haven, elevating it to a "true asset class" [1][3]. Group 1: Market Assessment - Gundlach considers the U.S. stock market to be one of the "most unhealthy" he has seen in his career, citing classic valuation metrics like price-to-earnings and market capitalization ratios as being "off the charts" [3]. - He asserts that the market is undoubtedly in a state of euphoria, comparing the current enthusiasm for artificial intelligence (AI) to the early 20th-century excitement for electricity, which peaked in 1911 and never fully recovered [3]. - Gundlach warns that while transformative technologies like electricity are changing the world, the market tends to price future benefits "very quickly and excessively" [3]. Group 2: Investment Strategy - In light of high valuations in financial assets, Gundlach has shifted focus towards hard assets, particularly gold, which he has been "very, very bullish" on, calling it his "best idea of the year" [3]. - He believes that gold has solidified its position in serious investment portfolios, now regarded as a "true asset class," with demand extending beyond "survivalists" and "crazy speculators" to include "real money" seeking genuine value [3]. - Gundlach notes that gold has been the "best-performing asset" this year and over the past 12 months, suggesting a portfolio allocation of around 15% to gold, down from 25%, as its previous allocation has already played its role [4].