Is it a Bubble? (Howard Marks) [pdf]

Fence sitting. Neither sexy or glamorous but honestly is the rational view to take right now. It's not going to be that popular because it sort of, unkindly, says nothing but imo that's the nuance of the moment. Hard to disagree that many will lose from the current exuberance but AI is likely to have some longevity which means they will be a winner in there.