Oaktree Capital's Howard Marks: Valuations right now are high, but not crazy

The podcast discusses current market valuations, particularly concerning AI and technology stocks. Howard Marks acknowledges high valuations and enthusiasm for AI but states he doesn't detect the "mania" characteristic of a bubble, differentiating it from the dot-com era. He explores the concept of "value investing," distinguishing between a rigid "big V" approach and a more flexible "small v" approach focused on intrinsic worth. Marks notes that while the S&P 500 appears expensive based on historical P/E ratios, the quality and growth potential of its constituent companies might justify higher multiples, acknowledging this perspective as a "This Time It's Different" argument, which often precedes bubbles.