US Stocks 'In The Early Days' For A Bubble Says Oaktree’s Howard Marks скачать в хорошем качестве

US Stocks 'In The Early Days' For A Bubble Says Oaktree’s Howard Marks

US stocks are “in the early days” for a bubble, although the critical point for a correction has yet to come, Oaktree Capital Management LP co-founder Howard Marks cautioned.  “I’m certainly not ringing the alarm bells. The point is that things are expensive,” the co-chairman of the distressed debt investment manager told Bloomberg Television in a Wednesday interview.  It’s been 16 years since investors last went through a “serious market correction,” he added. The current period reminds him of the late 1990’s when the market was falling in love with tech stocks, leading former Federal Reserve Chairman Alan Greenspan to warn of “irrational exuberance.” Still, the market rose for a few more years after that before the tech bubble burst, Marks pointed out. “People get out of the habit of thinking about market corrections,” Marks said, noting that a “reversion to the mean is very likely.” Some technology stocks are “quite highly valued” relative to history, he said.  The stock market has gone into a “relief rally” since Donald Trump’s tariffs announcement in April, Marks highlighted in a memo published last week. But there has to be a justification for the extended valuations, he wrote.  One indicator looking at the aggregate market capitalization of US stocks to US GDP is also at an all-time high. As many companies have been taken private in buyouts, and others are waiting longer before going public, this indicator could be even more troubling than it appears, Marks noted.  “This is a time to put a little more defense into your portfolio, and investing in credit as opposed to equities is one way to do it,” he said during the interview. Bond spreads are tight, he acknowledged, but the investment is still more defensive than equity, he said. When asked about whether the US is still good for defensive investment, Marks said the country is like “a great car at a high price.”  Other parts of the world don’t have the same dynamism or ideal regulatory environments. The US is still the best place in the world to invest, despite the fact that the fundamental investment environment has been “a little bit deteriorated,” he said.  -------- Watch Bloomberg Radio LIVE on YouTube Weekdays 7am-6pm ET WATCH HERE: http://bit.ly/3vTiACF Follow us on X:   / bloombergradio   Subscribe to our Podcasts: Bloomberg Daybreak: http://bit.ly/3DWYoAN Bloomberg Surveillance: http://bit.ly/3OPtReI Bloomberg Intelligence: http://bit.ly/3YrBfOi Balance of Power: http://bit.ly/3OO8eLC Bloomberg Businessweek: http://bit.ly/3IPl60i Listen on Apple CarPlay and Android Auto with the Bloomberg Business app: Apple CarPlay: https://apple.co/486mghI Android Auto: https://bit.ly/49benZy Visit our YouTube channels: Bloomberg Podcasts:    / bloombergpodcasts   Bloomberg Television:    / @markets   Bloomberg Originals:    / bloomberg   Quicktake:    / @bloombergquicktake