霍华德·马克斯最新访谈：改变世界≠投资者赚到了钱

Group 1 - The current investment climate is compared to the internet bubble of 1998-2000, highlighting that both are driven by revolutionary technologies that spark market imagination, but "changing the world" does not equate to "making money for investors" [1][71][24] - There is a lack of clarity regarding the commercialization and profitability of AI compared to the internet bubble, where many ideas have since materialized [2][73][82] - Investors are warned to avoid a "lottery mentality" and "binary bets" when investing in AI [3][30][100] Group 2 - Two types of investment choices are identified: betting on pure AI concept companies, which are high-risk but potentially high-reward, and investing in established tech companies where AI serves as a growth driver [4][75] - Investors must be aware of their risk tolerance and investment plans [5][76] - For gold and Bitcoin, these assets do not generate cash flow, making it impossible to assess their intrinsic value; their prices are entirely dependent on market supply and demand [6][77][120] Group 3 - Historical data shows that gold has underperformed compared to the S&P 500, with annualized returns of approximately 7.7% for gold since 2010, compared to 12.7% for the S&P 500 [7][52][123] - The long-term return of gold is lower than that of the stock market, and investors should not be misled by short-term price increases [7][54][124] - High-yield bonds are considered relatively attractive assets in the current environment, offering around 7% returns [67][138]