历史高点被“踩在脚下”，所有资产都在涨！

Core Viewpoint - The current market is experiencing a significant rally in risk assets, with major indices reaching historical highs, driven by optimism and a narrative of resilience despite underlying economic concerns [1][3][10]. Group 1: Market Performance - The S&P 500 and Nasdaq indices have both reached all-time highs, with year-to-date increases of 14% and 17% respectively [1]. - The MSCI All Country World Index has also hit a historical peak, indicating a global trend in rising stock prices, particularly in emerging markets [3]. - The credit market is reflecting similar optimism, with the credit spread for high-rated U.S. companies narrowing to below 0.8 percentage points, the lowest since 1998 [4]. Group 2: Investor Sentiment - The phenomenon of "fear of missing out" (FOMO) is driving investors to accept lower returns for taking on risk, as noted by asset management firms [6][7]. - The narrative of "The Great Resilience Trade" is being used to justify the current market rally, emphasizing strong consumer resilience and advancements in artificial intelligence [9][10]. - Despite the enthusiasm, some investors are cautious, noting that the current valuations leave little room for error [14][15]. Group 3: Economic Factors - The recent interest rate cuts by the Federal Reserve are seen as a catalyst for the market rally, with expectations of further cuts fueling investor optimism [12][13]. - The market's reaction to the Fed's policies suggests a belief that economic growth can coexist with lower interest rates, creating an ideal environment for stocks [14]. Group 4: Diverging Opinions - While many investors remain bullish, there are signs of defensive positioning, with increased short positions in small-cap stocks and inflows into safe-haven assets like gold and cash [15][16]. - Some market strategists express skepticism about the sustainability of the current rally, warning that any signs of economic weakness could disrupt the prevailing optimism [14][15].