Market Master 101 | Howard: Where Do We Stand in 2025?

In his recent memo to Oaktree’s clients, Howard Marks outlined his views on the current high levels of the market. He believes the market has not yet entered a phase of irrational exuberance, but still advises clients to adopt a Level 5 defense (reducing aggressive positions and increasing defensive holdings). What do you think of his views on the valuations of the Magnificent 7 and the S&P 500? How is your own portfolio allocated right now? Since the market is at elevated levels, should we be holding some defensive assets?

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34MMatCha

06-24

Stock Market Master 101.

Namtan

2025-11-19

global in new generation

Dear Papa j.son Evelyn Mr.Ma Mr Li Martin FCA trans union Natwest acerorate Barclays Alibaba V12and many more who is supporting Sirilak and Mustafa and family I would love to say thank you we working hard together so far and in 20 years future if slSirilak still alive I am glad I am here to work for all of you and this world this is following my heart that my God father monk says after she 43 she will work for Buddha this mean my life will be in the safe place with all your warm love I will look after it and returned this money to be profits in a best way clean and clear I will never give up ,xxx

global in new generation

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Since the market is at elevated levels, should we be holding some defensive assets?","image":"https://community-static.tradeup.com/news/187a191e57cb1313b5da2207a50ecb19","type":0,"style":1,"follow":false,"createTime":1758940238605,"userCounts":5,"rnLink":"https://laohu8.com/RN?name=RNTheme&page=/theme/detail&rndata={\"themeId\":424b4e84881344dfae7dbbae6f4cac5b}&rnconfig={\"headerBarHidden\": true}","subscribe":false,"allowSubscriptionFinancial":false,"subscriberCount":0,"allowFollow":true,"hasReward":true,"rewardScore":1000,"rewardValidDate":1759507200000,"rewardEnd":true,"symbols":[],"tweetCounts":89,"categoryId":"7cbb30544f7e4946acd0f699136a7d66","options":[],"votedOptionId":"","totalUserCount":0,"followStatus":false,"themeName":"Market Master 101 | Howard: Where Do We Stand in 2025?","tweetAmount":89,"imageIsDefault":false,"aiDerivativeIssues":[]},"tab":"essen","allList":[{"id":578508004545712,"gmtCreate":1782262278351,"gmtModify":1782262281324,"author":{"id":"3554888465013982","authorId":"3554888465013982","name":"34MMatCha","avatar":"https://static.tigerbbs.com/0867d63e5741b16124579ed8b448843d","crmLevel":13,"crmLevelSwitch":1,"followedFlag":false,"authorIdStr":"3554888465013982","idStr":"3554888465013982"},"themes":[],"title":"","htmlText":"Stock Market Master 101.","listText":"Stock Market Master 101.","text":"Stock Market Master 101.","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/578508004545712","isVote":1,"tweetType":1,"viewCount":2243,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":501775965209496,"gmtCreate":1763513470149,"gmtModify":1763516510933,"author":{"id":"4214435872880722","authorId":"4214435872880722","name":"Namtan","avatar":"https://community-static.tradeup.com/news/5cf40d69f6c04c07a49c63803a91ca02","crmLevel":1,"crmLevelSwitch":1,"followedFlag":false,"authorIdStr":"4214435872880722","idStr":"4214435872880722"},"themes":[],"title":"global in new generation","htmlText":"Dear Papa j.son Evelyn Mr.Ma Mr Li Martin FCA trans union Natwest acerorate Barclays Alibaba V12and many more who is supporting Sirilak and Mustafa and family I would love to say thank you we working hard together so far and in 20 years future if slSirilak still alive I am glad I am here to work for all of you and this world this is following my heart that my God father monk says after she 43 she will work for Buddha this mean my life will be in the safe place with all your warm love I will look after it and returned this money to be profits in a best way clean and clear I will never give up ,xxx","listText":"Dear Papa j.son Evelyn Mr.Ma Mr Li Martin FCA trans union Natwest acerorate Barclays Alibaba V12and many more who is supporting Sirilak and Mustafa and family I would love to say thank you we working hard together so far and in 20 years future if slSirilak still alive I am glad I am here to work for all of you and this world this is following my heart that my God father monk says after she 43 she will work for Buddha this mean my life will be in the safe place with all your warm love I will look after it and returned this money to be profits in a best way clean and clear I will never give up ,xxx","text":"Dear Papa j.son Evelyn Mr.Ma Mr Li Martin FCA trans union Natwest acerorate Barclays Alibaba V12and many more who is supporting Sirilak and Mustafa and family I would love to say thank you we working hard together so far and in 20 years future if slSirilak still alive I am glad I am here to work for all of you and this world this is following my heart that my God father monk says after she 43 she will work for Buddha this mean my life will be in the safe place with all your warm love I will look after it and returned this money to be profits in a best way clean and clear I will never give up ,xxx","images":[],"top":1,"highlighted":1,"essential":1,"paper":2,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/501775965209496","isVote":1,"tweetType":1,"viewCount":3785,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":485281251999896,"gmtCreate":1759507150953,"gmtModify":1759726578145,"author":{"id":"4159970598736412","authorId":"4159970598736412","name":"Spiders","avatar":"https://community-static.tradeup.com/news/a08fe88b7b62506e5bc7ffed483a03a9","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4159970598736412","idStr":"4159970598736412"},"themes":[],"title":"Market Master 101 | Howard: Where Do We Stand in 2025?","htmlText":"In his recent memo to Oaktree’s clients, Howard Marks outlined his views on the current high levels of the market. He believes the market has not yet entered a phase of irrational exuberance, but still advises clients to adopt a Level 5 defense—reducing aggressive positions and increasing defensive holdings. When I first read that line, I stopped and let it sink in. Howard isn’t calling for a crash. He isn’t saying the Magnificent 7 are worthless. He’s simply saying: slow down, respect the altitude. And honestly, that’s how I’ve been feeling lately. The Magnificent 7 and the S&amp;P 500: Stretched but Not Broken Let’s start with the obvious question: are the Magnificent 7 and the S&amp;P 500 overpriced? On one hand, the Magnificent 7 have been unstoppable. Nvidia generates enormous profits","listText":"In his recent memo to Oaktree’s clients, Howard Marks outlined his views on the current high levels of the market. He believes the market has not yet entered a phase of irrational exuberance, but still advises clients to adopt a Level 5 defense—reducing aggressive positions and increasing defensive holdings. When I first read that line, I stopped and let it sink in. Howard isn’t calling for a crash. He isn’t saying the Magnificent 7 are worthless. He’s simply saying: slow down, respect the altitude. And honestly, that’s how I’ve been feeling lately. The Magnificent 7 and the S&amp;P 500: Stretched but Not Broken Let’s start with the obvious question: are the Magnificent 7 and the S&amp;P 500 overpriced? On one hand, the Magnificent 7 have been unstoppable. Nvidia generates enormous profits","text":"In his recent memo to Oaktree’s clients, Howard Marks outlined his views on the current high levels of the market. He believes the market has not yet entered a phase of irrational exuberance, but still advises clients to adopt a Level 5 defense—reducing aggressive positions and increasing defensive holdings. When I first read that line, I stopped and let it sink in. Howard isn’t calling for a crash. He isn’t saying the Magnificent 7 are worthless. He’s simply saying: slow down, respect the altitude. And honestly, that’s how I’ve been feeling lately. The Magnificent 7 and the S&P 500: Stretched but Not Broken Let’s start with the obvious question: are the Magnificent 7 and the S&P 500 overpriced? On one hand, the Magnificent 7 have been unstoppable. Nvidia generates enormous profits","images":[{"img":"https://community-static.tradeup.com/news/404f347e8ebfadb1212533826c95b9d8","width":"560","height":"240"},{"img":"https://community-static.tradeup.com/news/1f0127d4aa20fa11bc3f8cd3515d134a","width":"560","height":"240"},{"img":"https://community-static.tradeup.com/news/42f58410aebea80ac34cd7ed702797bd","width":"560","height":"240"}],"top":1,"highlighted":1,"essential":2,"paper":2,"likeSize":4,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/485281251999896","isVote":1,"tweetType":1,"viewCount":4002,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":10,"langContent":"EN","totalScore":0},{"id":484835226010072,"gmtCreate":1759398557164,"gmtModify":1759399749154,"author":{"id":"3559903464518522","authorId":"3559903464518522","name":"chandon99","avatar":"https://community-static.tradeup.com/news/08f57baddeafe8e815f418f95b585e63","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3559903464518522","idStr":"3559903464518522"},"themes":[],"title":"Cash Boost Lucky Draw","htmlText":"Find out more here:<a href=\"https://tigr.link/s/50CPzFT\">Cash Boost Lucky Draw</a> Hey friend! Tap to help me out and get a mystery gift for yourself—check it out now!","listText":"Find out more here:<a href=\"https://tigr.link/s/50CPzFT\">Cash Boost Lucky Draw</a> Hey friend! Tap to help me out and get a mystery gift for yourself—check it out now!","text":"Find out more here:Cash Boost Lucky Draw Hey friend! Tap to help me out and get a mystery gift for yourself—check it out now!","images":[{"img":"https://static.tigerbbs.com/b1474c0816422c59974bd9bee42bb226"}],"top":1,"highlighted":1,"essential":1,"paper":2,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/484835226010072","isVote":1,"tweetType":1,"viewCount":4120,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},{"id":484581294355224,"gmtCreate":1759336572687,"gmtModify":1759336576176,"author":{"id":"3575980094521663","authorId":"3575980094521663","name":"Bluem","avatar":"https://static.tigerbbs.com/2ea0046117889d9c87b13a313a480e69","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3575980094521663","idStr":"3575980094521663"},"themes":[],"title":"","htmlText":"<a href=\"https://ttm.financial/S/ARKK\">$ARK Innovation ETF(ARKK)$&nbsp;</a> optimistic about&nbsp;ARKK","listText":"<a href=\"https://ttm.financial/S/ARKK\">$ARK Innovation ETF(ARKK)$&nbsp;</a> optimistic about&nbsp;ARKK","text":"$ARK Innovation ETF(ARKK)$ optimistic about ARKK","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/484581294355224","isVote":1,"tweetType":1,"viewCount":4479,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":484539023491144,"gmtCreate":1759326095833,"gmtModify":1759326099489,"author":{"id":"4215910355431712","authorId":"4215910355431712","name":"Atuatasi","avatar":"https://community-static.tradeup.com/news/b78fbdc1a7b751b2ee761a25d0eb53f9","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4215910355431712","idStr":"4215910355431712"},"themes":[],"title":"","htmlText":"Perfectionist has been around for years and has already been involved with the whole community of you&nbsp;","listText":"Perfectionist has been around for years and has already been involved with the whole community of you&nbsp;","text":"Perfectionist has been around for years and has already been involved with the whole community of you","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/484539023491144","isVote":1,"tweetType":1,"viewCount":4632,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":484616294335000,"gmtCreate":1759281638446,"gmtModify":1759281642274,"author":{"id":"4181780932310392","authorId":"4181780932310392","name":"Rainy777","avatar":"https://community-static.tradeup.com/news/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4181780932310392","idStr":"4181780932310392"},"themes":[],"title":"","htmlText":"Big tech P/Es only look reasonable if you don't realise that their revenue increase isnt real. They are forcing the AI companies they invest in to buy their compute and wouldn't have revenue increases without this trick.","listText":"Big tech P/Es only look reasonable if you don't realise that their revenue increase isnt real. They are forcing the AI companies they invest in to buy their compute and wouldn't have revenue increases without this trick.","text":"Big tech P/Es only look reasonable if you don't realise that their revenue increase isnt real. They are forcing the AI companies they invest in to buy their compute and wouldn't have revenue increases without this trick.","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/484616294335000","isVote":1,"tweetType":1,"viewCount":3692,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":484145615471000,"gmtCreate":1759229930344,"gmtModify":1759229935008,"author":{"id":"3572916667219493","authorId":"3572916667219493","name":"Zarkness","avatar":"https://static.tigerbbs.com/4b8c61830c4883c4232aece921d89d14","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3572916667219493","idStr":"3572916667219493"},"themes":[],"title":"","htmlText":"His advice is timely . Very much appreciated and warranted a follow up on personal portfolio. It’s not a big bubble because of AI theme spending and earnings . The danger lies in slowing down of capex and unsustainable growth. The higher it gets , the risk of expectations becomes even higher . Now a lot of earnings expectations are very accommodating in my opinion and are not set on high standards. Observe on once the tides turn and the tune of analysts change and downgrade , u know what is coming . Meanwhile stay happily vested and ride up . ❤️🥰🌹<a href=\"https://ttm.financial/U/4098098188330620\"> @MojoStellar </a><a href=\"https://ttm.financial/U/4132300740238052\"> @icycrystal </a><a href=\"https://ttm.financial/U/4093561479903300\"> @SPACE ROCKET </a>","listText":"His advice is timely . Very much appreciated and warranted a follow up on personal portfolio. It’s not a big bubble because of AI theme spending and earnings . The danger lies in slowing down of capex and unsustainable growth. The higher it gets , the risk of expectations becomes even higher . Now a lot of earnings expectations are very accommodating in my opinion and are not set on high standards. Observe on once the tides turn and the tune of analysts change and downgrade , u know what is coming . Meanwhile stay happily vested and ride up . ❤️🥰🌹<a href=\"https://ttm.financial/U/4098098188330620\"> @MojoStellar </a><a href=\"https://ttm.financial/U/4132300740238052\"> @icycrystal </a><a href=\"https://ttm.financial/U/4093561479903300\"> @SPACE ROCKET </a>","text":"His advice is timely . Very much appreciated and warranted a follow up on personal portfolio. It’s not a big bubble because of AI theme spending and earnings . The danger lies in slowing down of capex and unsustainable growth. The higher it gets , the risk of expectations becomes even higher . Now a lot of earnings expectations are very accommodating in my opinion and are not set on high standards. Observe on once the tides turn and the tune of analysts change and downgrade , u know what is coming . Meanwhile stay happily vested and ride up . ❤️🥰🌹 @MojoStellar @icycrystal @SPACE ROCKET","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/484145615471000","isVote":1,"tweetType":1,"viewCount":4201,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":484049225306736,"gmtCreate":1759206662985,"gmtModify":1759207165800,"author":{"id":"4101948424484190","authorId":"4101948424484190","name":"Success88","avatar":"https://static.itradeup.com/news/4408e1a22d73e99adb53aa65dde8ad91","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4101948424484190","idStr":"4101948424484190"},"themes":[],"title":"","htmlText":"I agreed Market is high now. Diversified is the key. Can invest some in gold. Can also invest some in bigfundr with referral code R80467M. Earn some extra 5.2% interest in one year <a href=\"https://ttm.financial/U/4094752757272870\"> @Pilates </a><a href=\"https://ttm.financial/U/3577965120664925\"> @SR050321 </a><a href=\"https://ttm.financial/U/3582922989777578\"> @SPOT_ON </a><a href=\"https://ttm.financial/U/3581735774790928\"> @HelenJanet </a><a href=\"https://ttm.financial/U/3559581955535845\"> @koolgal </a><a href=\"https://ttm.financial/U/4091758936365950\"> @MHh </a>","listText":"I agreed Market is high now. Diversified is the key. Can invest some in gold. Can also invest some in bigfundr with referral code R80467M. Earn some extra 5.2% interest in one year <a href=\"https://ttm.financial/U/4094752757272870\"> @Pilates </a><a href=\"https://ttm.financial/U/3577965120664925\"> @SR050321 </a><a href=\"https://ttm.financial/U/3582922989777578\"> @SPOT_ON </a><a href=\"https://ttm.financial/U/3581735774790928\"> @HelenJanet </a><a href=\"https://ttm.financial/U/3559581955535845\"> @koolgal </a><a href=\"https://ttm.financial/U/4091758936365950\"> @MHh </a>","text":"I agreed Market is high now. Diversified is the key. Can invest some in gold. Can also invest some in bigfundr with referral code R80467M. Earn some extra 5.2% interest in one year @Pilates @SR050321 @SPOT_ON @HelenJanet @koolgal @MHh","images":[{"img":"https://community-static.tradeup.com/news/8f5756dd9a5e6182d116048bbaddfad4"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/484049225306736","isVote":1,"tweetType":1,"viewCount":3568,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},{"id":484039380369608,"gmtCreate":1759204199617,"gmtModify":1759207165147,"author":{"id":"4144309159646392","authorId":"4144309159646392","name":"CSOP AML","avatar":"https://community-static.tradeup.com/news/980370ff570660b9a42525dade531ad9","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4144309159646392","idStr":"4144309159646392"},"themes":[],"title":"Singapore Next 50 Index Launch to Boost Focus on Singapore Mid-Cap REITs【CSOP Fixed Income Weekly】","htmlText":"【SRT】 As of 26 Sep 2025 (Fri), while <a href=\"https://ttm.financial/S/SRT.SI\">$CSOP iEdge SREIT ETF S$(SRT.SI)$</a> declined slightly by -0.39% WTD in SGD, it rose 11.38% YTD in SGD. Aside from tailwinds arising from expectations of further Fed rate cuts, the launch of the new iEdge Singapore Next 50 Indices, tracking SGX’s largest non-blue-chip stocks, may boost investor focus on mid-caps like some of the REITs in the CSOP SRT ETF (e.g. CLAS, KREIT, Suntec REIT) S$ SRT 2025 YTD Total Return: +11.38% 【MMF】 Over the week, US treasuries largely traded rangebound as markets digest Fed’s September FOMC meeting. The week also saw robust economic data release (Q2 GDP revised upwards to 3.8%), resilient labour metrics (decline in initial claims to 218k), and PCE inflation measure aligning with ex","listText":"【SRT】 As of 26 Sep 2025 (Fri), while <a href=\"https://ttm.financial/S/SRT.SI\">$CSOP iEdge SREIT ETF S$(SRT.SI)$</a> declined slightly by -0.39% WTD in SGD, it rose 11.38% YTD in SGD. Aside from tailwinds arising from expectations of further Fed rate cuts, the launch of the new iEdge Singapore Next 50 Indices, tracking SGX’s largest non-blue-chip stocks, may boost investor focus on mid-caps like some of the REITs in the CSOP SRT ETF (e.g. CLAS, KREIT, Suntec REIT) S$ SRT 2025 YTD Total Return: +11.38% 【MMF】 Over the week, US treasuries largely traded rangebound as markets digest Fed’s September FOMC meeting. The week also saw robust economic data release (Q2 GDP revised upwards to 3.8%), resilient labour metrics (decline in initial claims to 218k), and PCE inflation measure aligning with ex","text":"【SRT】 As of 26 Sep 2025 (Fri), while $CSOP iEdge SREIT ETF S$(SRT.SI)$ declined slightly by -0.39% WTD in SGD, it rose 11.38% YTD in SGD. Aside from tailwinds arising from expectations of further Fed rate cuts, the launch of the new iEdge Singapore Next 50 Indices, tracking SGX’s largest non-blue-chip stocks, may boost investor focus on mid-caps like some of the REITs in the CSOP SRT ETF (e.g. CLAS, KREIT, Suntec REIT) S$ SRT 2025 YTD Total Return: +11.38% 【MMF】 Over the week, US treasuries largely traded rangebound as markets digest Fed’s September FOMC meeting. The week also saw robust economic data release (Q2 GDP revised upwards to 3.8%), resilient labour metrics (decline in initial claims to 218k), and PCE inflation measure aligning with ex","images":[{"img":"https://community-static.tradeup.com/news/45c0d0b58f7e9c44ff7484a4979b8e82","width":"560","height":"240"}],"top":1,"highlighted":1,"essential":1,"paper":2,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/484039380369608","isVote":1,"tweetType":1,"viewCount":30856,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},{"id":484019416019416,"gmtCreate":1759199384802,"gmtModify":1759232708930,"author":{"id":"4176423247955812","authorId":"4176423247955812","name":"Lanceljx","avatar":"https://community-static.tradeup.com/news/09909b81957df6057776741ed24e12fe","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4176423247955812","idStr":"4176423247955812"},"themes":[],"title":"","htmlText":"<a href=\"https://ttm.financial/S/ARKK\">$ARK Innovation ETF(ARKK)$&nbsp;</a> Your summary of Marks’s view is essentially correct: he’s warning that valuations are elevated, but he doesn’t (yet) believe we’re in full-blown “irrational exuberance.” Rather, he counsels a more cautious stance — what he calls “Level 5 defense” — i.e. reduce aggressive exposure, rotate toward defensive assets, tighten risk controls. That’s a sensible posture in my view: it’s a midpoint between outright alarm and complacency. Below are my reflections on his stance, some observations on current valuations (especially of the Magnificent 7 and the S&amp;P 500), and how I would (and do) position a portfolio in this environment. --- Opinion on Marks’s view &amp; the valuation backdrop Strengths of his approach 1. Avoid","listText":"<a href=\"https://ttm.financial/S/ARKK\">$ARK Innovation ETF(ARKK)$&nbsp;</a> Your summary of Marks’s view is essentially correct: he’s warning that valuations are elevated, but he doesn’t (yet) believe we’re in full-blown “irrational exuberance.” Rather, he counsels a more cautious stance — what he calls “Level 5 defense” — i.e. reduce aggressive exposure, rotate toward defensive assets, tighten risk controls. That’s a sensible posture in my view: it’s a midpoint between outright alarm and complacency. Below are my reflections on his stance, some observations on current valuations (especially of the Magnificent 7 and the S&amp;P 500), and how I would (and do) position a portfolio in this environment. --- Opinion on Marks’s view &amp; the valuation backdrop Strengths of his approach 1. Avoid","text":"$ARK Innovation ETF(ARKK)$ Your summary of Marks’s view is essentially correct: he’s warning that valuations are elevated, but he doesn’t (yet) believe we’re in full-blown “irrational exuberance.” Rather, he counsels a more cautious stance — what he calls “Level 5 defense” — i.e. reduce aggressive exposure, rotate toward defensive assets, tighten risk controls. That’s a sensible posture in my view: it’s a midpoint between outright alarm and complacency. Below are my reflections on his stance, some observations on current valuations (especially of the Magnificent 7 and the S&P 500), and how I would (and do) position a portfolio in this environment. --- Opinion on Marks’s view & the valuation backdrop Strengths of his approach 1. Avoid","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":631,"commentSize":2,"repostSize":31,"link":"https://ttm.financial/post/484019416019416","isVote":1,"tweetType":1,"viewCount":7110,"authorTweetTopStatus":1,"verified":2,"comments":[{"author":{"id":"10000000000011020","authorId":"10000000000011020","name":"Reg Ford","avatar":"https://static.tigerbbs.com/b8515044e6fcc500a9ce3ca05f33533b","crmLevel":1,"crmLevelSwitch":0,"authorIdStr":"10000000000011020","idStr":"10000000000011020"},"content":"ARKK’s high valuations? Trimmed it! Rotated to staples + short-duration bonds,Level 5 defense on!","text":"ARKK’s high valuations? Trimmed it! Rotated to staples + short-duration bonds,Level 5 defense on!","html":"ARKK’s high valuations? Trimmed it! Rotated to staples + short-duration bonds,Level 5 defense on!"},{"author":{"id":"10000000000011024","authorId":"10000000000011024","name":"Astrid Stephen","avatar":"https://static.tigerbbs.com/1647de40d206ee3288442d8c4170cfa0","crmLevel":1,"crmLevelSwitch":0,"authorIdStr":"10000000000011024","idStr":"10000000000011024"},"content":"Magnificent 7 too pricey, but not all! Cut NVDA/TSLA, kept MSFT.","text":"Magnificent 7 too pricey, but not all! Cut NVDA/TSLA, kept MSFT.","html":"Magnificent 7 too pricey, but not all! Cut NVDA/TSLA, kept MSFT."}],"imageCount":0,"langContent":"EN","totalScore":0},{"id":484013990179568,"gmtCreate":1759197803421,"gmtModify":1759199100471,"author":{"id":"3560130024399685","authorId":"3560130024399685","name":"hpleong","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":13,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3560130024399685","idStr":"3560130024399685"},"themes":[],"title":"","htmlText":"<a href=\"https://ttm.financial/S/ARKK\">$ARK Innovation ETF(ARKK)$&nbsp;</a> I am sure the comments are true and he means well.&nbsp; I would suggest go back to fundamentals and do due diligence and research so that you can park your money to places that adds value. Regardless of market situation&nbsp;","listText":"<a href=\"https://ttm.financial/S/ARKK\">$ARK Innovation ETF(ARKK)$&nbsp;</a> I am sure the comments are true and he means well.&nbsp; I would suggest go back to fundamentals and do due diligence and research so that you can park your money to places that adds value. Regardless of market situation&nbsp;","text":"$ARK Innovation ETF(ARKK)$ I am sure the comments are true and he means well. I would suggest go back to fundamentals and do due diligence and research so that you can park your money to places that adds value. Regardless of market situation","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/484013990179568","isVote":1,"tweetType":1,"viewCount":4153,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":484251849453776,"gmtCreate":1759193794907,"gmtModify":1759198724326,"author":{"id":"4186204260634262","authorId":"4186204260634262","name":"WeChats","avatar":"https://community-static.tradeup.com/news/default-avatar.jpg","crmLevel":12,"crmLevelSwitch":1,"followedFlag":false,"authorIdStr":"4186204260634262","idStr":"4186204260634262"},"themes":[],"title":"","htmlText":"<a href=\"https://ttm.financial/S/ARKK\">$ARK Innovation ETF(ARKK)$&nbsp;</a>&nbsp; 🧠 Market Master 101: Howard Marks’ “Level 5 Defense” — Wisdom or Warning? 🚀 Introduction – Why Howard Marks Commands Attention When Howard Marks, co-founder of Oaktree Capital, releases a memo, Wall Street stops to read. Warren Buffett himself once said, “When I see memos from Howard Marks in my mail, they’re the first thing I open and read.” So when Marks says the market is “not yet irrational, but elevated,” and urges a Level 5 defense, it’s worth pausing. He’s not calling for a crash. He’s telling us: this is not the time for maximum offense. In a world where the Magnificent 7 dominate headlines and the S&amp;P 500 hovers near highs, Marks’ reminder is simple: defense wins games when the field tilts agains","listText":"<a href=\"https://ttm.financial/S/ARKK\">$ARK Innovation ETF(ARKK)$&nbsp;</a>&nbsp; 🧠 Market Master 101: Howard Marks’ “Level 5 Defense” — Wisdom or Warning? 🚀 Introduction – Why Howard Marks Commands Attention When Howard Marks, co-founder of Oaktree Capital, releases a memo, Wall Street stops to read. Warren Buffett himself once said, “When I see memos from Howard Marks in my mail, they’re the first thing I open and read.” So when Marks says the market is “not yet irrational, but elevated,” and urges a Level 5 defense, it’s worth pausing. He’s not calling for a crash. He’s telling us: this is not the time for maximum offense. In a world where the Magnificent 7 dominate headlines and the S&amp;P 500 hovers near highs, Marks’ reminder is simple: defense wins games when the field tilts agains","text":"$ARK Innovation ETF(ARKK)$ 🧠 Market Master 101: Howard Marks’ “Level 5 Defense” — Wisdom or Warning? 🚀 Introduction – Why Howard Marks Commands Attention When Howard Marks, co-founder of Oaktree Capital, releases a memo, Wall Street stops to read. Warren Buffett himself once said, “When I see memos from Howard Marks in my mail, they’re the first thing I open and read.” So when Marks says the market is “not yet irrational, but elevated,” and urges a Level 5 defense, it’s worth pausing. He’s not calling for a crash. He’s telling us: this is not the time for maximum offense. In a world where the Magnificent 7 dominate headlines and the S&P 500 hovers near highs, Marks’ reminder is simple: defense wins games when the field tilts agains","images":[{"img":"https://community-static.tradeup.com/news/ad4f95209d6b091b4f5909ff84711789","width":"1024","height":"1024"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":3,"repostSize":0,"link":"https://ttm.financial/post/484251849453776","isVote":1,"tweetType":1,"viewCount":5605,"authorTweetTopStatus":1,"verified":2,"comments":[{"author":{"id":"10000000000010993","authorId":"10000000000010993","name":"Enid Bertha","avatar":"https://static.tigerbbs.com/a539edbf3388702a82cb1d4728704766","crmLevel":1,"crmLevelSwitch":0,"authorIdStr":"10000000000010993","idStr":"10000000000010993"},"content":"With govt. shutdown looming, seems like a good bet or a good hedge would be to buy some puts. Say the $83s expiring Friday…just in case.","text":"With govt. shutdown looming, seems like a good bet or a good hedge would be to buy some puts. Say the $83s expiring Friday…just in case.","html":"With govt. shutdown looming, seems like a good bet or a good hedge would be to buy some puts. Say the $83s expiring Friday…just in case."},{"author":{"id":"10000000000010989","authorId":"10000000000010989","name":"Valerie Archibald","avatar":"https://static.tigerbbs.com/390bb094fc9bb64af7414f37cde534ff","crmLevel":1,"crmLevelSwitch":0,"authorIdStr":"10000000000010989","idStr":"10000000000010989"},"content":"Destination $120 a share","text":"Destination $120 a share","html":"Destination $120 a share"}],"imageCount":1,"langContent":"EN","totalScore":0},{"id":483927105680144,"gmtCreate":1759176856151,"gmtModify":1759176859621,"author":{"id":"4186496110989302","authorId":"4186496110989302","name":"j islandfund","avatar":"https://community-static.tradeup.com/news/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4186496110989302","idStr":"4186496110989302"},"themes":[],"title":"","htmlText":"<a href=\"https://ttm.financial/S/ARKK\">$ARK Innovation ETF(ARKK)$&nbsp;</a><v-v data-views=\"1\"></v-v> throw caution to the wind Howard's fear is our opportunity!⭐🐯","listText":"<a href=\"https://ttm.financial/S/ARKK\">$ARK Innovation ETF(ARKK)$&nbsp;</a><v-v data-views=\"1\"></v-v> throw caution to the wind Howard's fear is our opportunity!⭐🐯","text":"$ARK Innovation ETF(ARKK)$ throw caution to the wind Howard's fear is our opportunity!⭐🐯","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/483927105680144","isVote":1,"tweetType":1,"viewCount":4581,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":483898518258232,"gmtCreate":1759169744982,"gmtModify":1759182574485,"author":{"id":"4125532638806262","authorId":"4125532638806262","name":"ECLC","avatar":"https://community-static.tradeup.com/news/09fb0c58bc7fe8c4936dcdd44711a4e0","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4125532638806262","idStr":"4125532638806262"},"themes":[],"title":"","htmlText":"Yes, market is at elevated levels and potentially higher means higher risks. It is definitely safer to diversify into some defensive assets.","listText":"Yes, market is at elevated levels and potentially higher means higher risks. It is definitely safer to diversify into some defensive assets.","text":"Yes, market is at elevated levels and potentially higher means higher risks. It is definitely safer to diversify into some defensive assets.","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/483898518258232","isVote":1,"tweetType":1,"viewCount":3170,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":484036281401656,"gmtCreate":1759165475570,"gmtModify":1759489729655,"author":{"id":"4136897647765072","authorId":"4136897647765072","name":"SuperDuper1","avatar":"https://community-static.tradeup.com/news/default-avatar.jpg","crmLevel":12,"crmLevelSwitch":1,"followedFlag":false,"authorIdStr":"4136897647765072","idStr":"4136897647765072"},"themes":[],"title":"","htmlText":"Tesla is in way magnificent and the same can be said about Apple, which has a moat but its products have shown little innovation over the years. Nvidia while innovative and innovative and with a strong moat is pushing the AI capex narrative to justify its valuation and is also investing in Open AI so that the latter can buy its chips . This just goes to show how stretched the AI capex narrative is. Some sort of consolidation is due.","listText":"Tesla is in way magnificent and the same can be said about Apple, which has a moat but its products have shown little innovation over the years. Nvidia while innovative and innovative and with a strong moat is pushing the AI capex narrative to justify its valuation and is also investing in Open AI so that the latter can buy its chips . This just goes to show how stretched the AI capex narrative is. Some sort of consolidation is due.","text":"Tesla is in way magnificent and the same can be said about Apple, which has a moat but its products have shown little innovation over the years. Nvidia while innovative and innovative and with a strong moat is pushing the AI capex narrative to justify its valuation and is also investing in Open AI so that the latter can buy its chips . This just goes to show how stretched the AI capex narrative is. Some sort of consolidation is due.","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/484036281401656","isVote":1,"tweetType":1,"viewCount":4588,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":483866976952888,"gmtCreate":1759162044468,"gmtModify":1759489750771,"author":{"id":"3581544848503089","authorId":"3581544848503089","name":"Jackosen","avatar":"https://static.tigerbbs.com/89f363319ae263a7271cb94a537d8d68","crmLevel":12,"crmLevelSwitch":1,"followedFlag":false,"authorIdStr":"3581544848503089","idStr":"3581544848503089"},"themes":[],"title":"","htmlText":"I agreed with his point. As the market keeps going higher but only driven by the top few companies of the SnP 500, it is a worrying sign. Have been balancing my portfolio these few months&nbsp;to have equal weightage of tech , healthcare , energy and precious metals stocks plus bonds, to prepare in the event of market correction.","listText":"I agreed with his point. As the market keeps going higher but only driven by the top few companies of the SnP 500, it is a worrying sign. Have been balancing my portfolio these few months&nbsp;to have equal weightage of tech , healthcare , energy and precious metals stocks plus bonds, to prepare in the event of market correction.","text":"I agreed with his point. As the market keeps going higher but only driven by the top few companies of the SnP 500, it is a worrying sign. Have been balancing my portfolio these few months to have equal weightage of tech , healthcare , energy and precious metals stocks plus bonds, to prepare in the event of market correction.","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/483866976952888","isVote":1,"tweetType":1,"viewCount":3981,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":483848994935328,"gmtCreate":1759157515923,"gmtModify":1759157526978,"author":{"id":"4171900329979952","authorId":"4171900329979952","name":"Barcode","avatar":"https://community-static.tradeup.com/news/6688d8fb4c2a255e3b901e79755e56df","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4171900329979952","idStr":"4171900329979952"},"themes":[],"title":"","htmlText":"<a href=\"https://ttm.financial/S/ARKK\">$ARK Innovation ETF(ARKK)$</a> <a href=\"https://ttm.financial/S/QQQ\">$Invesco QQQ(QQQ)$</a> <a href=\"https://ttm.financial/S/.SPX\">$S&amp;P 500(.SPX)$</a> 🔥📈🚀 $SPX Valuations, Bull Market Compression &amp; the Marks of Caution 🚀📈🔥 I’m raising my conviction right here, not because I’m blindly bullish, but because the data demands nuance. This is not irrational exuberance, but it is stretched. Markets are resilient, not euphoric; elevated, not unhinged. And that’s exactly where opportunities live for traders who know how to straddle momentum and macro risk. 📊 4th Strongest Post-Correction Rally in 70 Years Since the April 8 low, the $SPX has surged +33%, beating the post-correction historical average of +27%. According to Fidelity’s latest Cyclical Bull","listText":"<a href=\"https://ttm.financial/S/ARKK\">$ARK Innovation ETF(ARKK)$</a> <a href=\"https://ttm.financial/S/QQQ\">$Invesco QQQ(QQQ)$</a> <a href=\"https://ttm.financial/S/.SPX\">$S&amp;P 500(.SPX)$</a> 🔥📈🚀 $SPX Valuations, Bull Market Compression &amp; the Marks of Caution 🚀📈🔥 I’m raising my conviction right here, not because I’m blindly bullish, but because the data demands nuance. This is not irrational exuberance, but it is stretched. Markets are resilient, not euphoric; elevated, not unhinged. And that’s exactly where opportunities live for traders who know how to straddle momentum and macro risk. 📊 4th Strongest Post-Correction Rally in 70 Years Since the April 8 low, the $SPX has surged +33%, beating the post-correction historical average of +27%. According to Fidelity’s latest Cyclical Bull","text":"$ARK Innovation ETF(ARKK)$ $Invesco QQQ(QQQ)$ $S&P 500(.SPX)$ 🔥📈🚀 $SPX Valuations, Bull Market Compression & the Marks of Caution 🚀📈🔥 I’m raising my conviction right here, not because I’m blindly bullish, but because the data demands nuance. This is not irrational exuberance, but it is stretched. Markets are resilient, not euphoric; elevated, not unhinged. And that’s exactly where opportunities live for traders who know how to straddle momentum and macro risk. 📊 4th Strongest Post-Correction Rally in 70 Years Since the April 8 low, the $SPX has surged +33%, beating the post-correction historical average of +27%. According to Fidelity’s latest Cyclical Bull","images":[{"img":"https://community-static.tradeup.com/news/32f78e99538e5aab435a716428c0d92b","width":"1472","height":"860"},{"img":"https://community-static.tradeup.com/news/343ec6a1a676e1a41801515c2fc55bf4","width":"1472","height":"1282"},{"img":"https://community-static.tradeup.com/news/e13ef969a30df3faf7e1dd35c6c6fa20","width":"2752","height":"1736"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":6,"commentSize":2,"repostSize":6,"link":"https://ttm.financial/post/483848994935328","isVote":1,"tweetType":1,"viewCount":5941,"authorTweetTopStatus":1,"verified":2,"comments":[{"author":{"id":"4185249037082782","authorId":"4185249037082782","name":"Queengirlypops","avatar":"https://community-static.tradeup.com/news/ad05acb3d3297a3680627eb89cafdbc8","crmLevel":11,"crmLevelSwitch":0,"authorIdStr":"4185249037082782","idStr":"4185249037082782"},"content":"I’m hyped on how you broke down the Magnificent 7 versus the rest of the index because that’s exactly what people skip over. Seeing you call out $QQQ leadership while flagging compression on $SPX makes the whole market feel like a chessboard rn 💥🧃","text":"I’m hyped on how you broke down the Magnificent 7 versus the rest of the index because that’s exactly what people skip over. Seeing you call out $QQQ leadership while flagging compression on $SPX makes the whole market feel like a chessboard rn 💥🧃","html":"I’m hyped on how you broke down the Magnificent 7 versus the rest of the index because that’s exactly what people skip over. Seeing you call out $QQQ leadership while flagging compression on $SPX makes the whole market feel like a chessboard rn 💥🧃"},{"author":{"id":"4186117467483482","authorId":"4186117467483482","name":"Cool Cat Winston","avatar":"https://community-static.tradeup.com/news/00bf531d62a6793687bac561025edfdb","crmLevel":11,"crmLevelSwitch":0,"authorIdStr":"4186117467483482","idStr":"4186117467483482"},"content":"I really like how you framed the 493 stocks versus the Magnificent 7 in your post. It makes me think about how stretched multiples in $ARKK mirror that broader valuation creep you’re pointing out in $SPX. It isn’t mania yet but the setup feels late cycle.","text":"I really like how you framed the 493 stocks versus the Magnificent 7 in your post. It makes me think about how stretched multiples in $ARKK mirror that broader valuation creep you’re pointing out in $SPX. It isn’t mania yet but the setup feels late cycle.","html":"I really like how you framed the 493 stocks versus the Magnificent 7 in your post. It makes me think about how stretched multiples in $ARKK mirror that broader valuation creep you’re pointing out in $SPX. It isn’t mania yet but the setup feels late cycle."}],"imageCount":3,"langContent":"EN","totalScore":0},{"id":483829718262304,"gmtCreate":1759152809704,"gmtModify":1759199300341,"author":{"id":"4091758936365950","authorId":"4091758936365950","name":"MHh","avatar":"https://static.tigerbbs.com/54b2feced9ef5dcc9e95997d1f4db280","crmLevel":12,"crmLevelSwitch":1,"followedFlag":false,"authorIdStr":"4091758936365950","idStr":"4091758936365950"},"themes":[],"title":"","htmlText":"I agree fully with his views. There is no way around except to agree that valuations of the magnificent 7 and s&amp;p500 are high yet not in irrational exuberance. With expected rate cuts for the rest of the year, that should continue to drive stock prices up. So, I agree with his strategy to reduce aggressive positions and to increase defensive positions. However, I would do this closer to the year end santa rally to try to gain more returns. My portfolio is still heavily on the s&amp;p500. Across the board, it is currently hard to find defensive assets at attractive prices. For now, I would try to take profit at a later time to yield cash so that I can buy during dips. I think from next year onwards, cash might be king when the market corrects or potentially a recession. I would prefer","listText":"I agree fully with his views. There is no way around except to agree that valuations of the magnificent 7 and s&amp;p500 are high yet not in irrational exuberance. With expected rate cuts for the rest of the year, that should continue to drive stock prices up. So, I agree with his strategy to reduce aggressive positions and to increase defensive positions. However, I would do this closer to the year end santa rally to try to gain more returns. My portfolio is still heavily on the s&amp;p500. Across the board, it is currently hard to find defensive assets at attractive prices. For now, I would try to take profit at a later time to yield cash so that I can buy during dips. I think from next year onwards, cash might be king when the market corrects or potentially a recession. I would prefer","text":"I agree fully with his views. There is no way around except to agree that valuations of the magnificent 7 and s&p500 are high yet not in irrational exuberance. With expected rate cuts for the rest of the year, that should continue to drive stock prices up. So, I agree with his strategy to reduce aggressive positions and to increase defensive positions. However, I would do this closer to the year end santa rally to try to gain more returns. My portfolio is still heavily on the s&p500. Across the board, it is currently hard to find defensive assets at attractive prices. For now, I would try to take profit at a later time to yield cash so that I can buy during dips. I think from next year onwards, cash might be king when the market corrects or potentially a recession. I would prefer","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":20,"commentSize":6,"repostSize":0,"link":"https://ttm.financial/post/483829718262304","isVote":1,"tweetType":1,"viewCount":4775,"authorTweetTopStatus":1,"verified":2,"comments":[{"author":{"id":"10000000000011021","authorId":"10000000000011021","name":"Norton Rebecca","avatar":"https://static.tigerbbs.com/36f25b4af7998a90a0205e568a910bb3","crmLevel":1,"crmLevelSwitch":0,"authorIdStr":"10000000000011021","idStr":"10000000000011021"},"content":"S&P 500 heavy too! Wait for Santa Rally to take profit—cash = 2025 bargain power!","text":"S&P 500 heavy too! Wait for Santa Rally to take profit—cash = 2025 bargain power!","html":"S&P 500 heavy too! Wait for Santa Rally to take profit—cash = 2025 bargain power!"},{"author":{"id":"10000000000011020","authorId":"10000000000011020","name":"Reg Ford","avatar":"https://static.tigerbbs.com/b8515044e6fcc500a9ce3ca05f33533b","crmLevel":1,"crmLevelSwitch":0,"authorIdStr":"10000000000011020","idStr":"10000000000011020"},"content":"Rate cuts boost now, but 2025 correction’s coming! Save profit for cash,hunt bargains then!","text":"Rate cuts boost now, but 2025 correction’s coming! Save profit for cash,hunt bargains then!","html":"Rate cuts boost now, but 2025 correction’s coming! Save profit for cash,hunt bargains then!"}],"imageCount":0,"langContent":"EN","totalScore":0},{"id":483818467951432,"gmtCreate":1759150079699,"gmtModify":1759150270407,"author":{"id":"4145797693007212","authorId":"4145797693007212","name":"Xaddy_Analyst","avatar":"https://community-static.tradeup.com/news/ce2222167a012fbb02ed7519f44039bf","crmLevel":11,"crmLevelSwitch":1,"followedFlag":false,"authorIdStr":"4145797693007212","idStr":"4145797693007212"},"themes":[],"title":"Marks’ Valuation Alert: Mag 7 at 45x P/E—Time to Defend?","htmlText":"<a href=\"https://ttm.financial/S/.SPX\">$S&amp;P 500(.SPX)$</a> <a href=\"https://ttm.financial/S/NVDA\">$NVIDIA(NVDA)$</a> <a href=\"https://ttm.financial/S/TSLA\">$Tesla Motors(TSLA)$</a> <a href=\"https://ttm.financial/S/MSFT\">$Microsoft(MSFT)$</a> <a href=\"https://ttm.financial/S/AAPL\">$Apple(AAPL)$</a> <a href=\"https://ttm.financial/S/GOOG\">$Alphabet(GOOG)$</a> Howard Marks’ latest Oaktree memo cuts through the noise, warning that U.S. stocks are “quite high” by many measures but not yet in irrational exuberance territory. He urges a “Level 5 defense”—trimming aggressive bets and bolstering defensive holdings—as the S&amp;P 500 trades at 21.4x forward earnings and the Magnificent 7 averages 45x. With the S&amp;P 500 at 6,650 and Nasdaq at 22,200, this call raises eyebrows. Do you buy Marks’","listText":"<a href=\"https://ttm.financial/S/.SPX\">$S&amp;P 500(.SPX)$</a> <a href=\"https://ttm.financial/S/NVDA\">$NVIDIA(NVDA)$</a> <a href=\"https://ttm.financial/S/TSLA\">$Tesla Motors(TSLA)$</a> <a href=\"https://ttm.financial/S/MSFT\">$Microsoft(MSFT)$</a> <a href=\"https://ttm.financial/S/AAPL\">$Apple(AAPL)$</a> <a href=\"https://ttm.financial/S/GOOG\">$Alphabet(GOOG)$</a> Howard Marks’ latest Oaktree memo cuts through the noise, warning that U.S. stocks are “quite high” by many measures but not yet in irrational exuberance territory. He urges a “Level 5 defense”—trimming aggressive bets and bolstering defensive holdings—as the S&amp;P 500 trades at 21.4x forward earnings and the Magnificent 7 averages 45x. With the S&amp;P 500 at 6,650 and Nasdaq at 22,200, this call raises eyebrows. Do you buy Marks’","text":"$S&P 500(.SPX)$ $NVIDIA(NVDA)$ $Tesla Motors(TSLA)$ $Microsoft(MSFT)$ $Apple(AAPL)$ $Alphabet(GOOG)$ Howard Marks’ latest Oaktree memo cuts through the noise, warning that U.S. stocks are “quite high” by many measures but not yet in irrational exuberance territory. He urges a “Level 5 defense”—trimming aggressive bets and bolstering defensive holdings—as the S&P 500 trades at 21.4x forward earnings and the Magnificent 7 averages 45x. With the S&P 500 at 6,650 and Nasdaq at 22,200, this call raises eyebrows. Do you buy Marks’","images":[{"img":"https://community-static.tradeup.com/news/616aca3defe61ff275b7d4bac8a5c532","width":"1024","height":"597"},{"img":"https://community-static.tradeup.com/news/3cf023f5e80054aafee5f8326d240c52","width":"2000","height":"1269"},{"img":"https://community-static.tradeup.com/news/25dd06215706e935e609e7734cd2a41a","width":"700","height":"394"}],"top":1,"highlighted":1,"essential":1,"paper":2,"likeSize":592,"commentSize":4,"repostSize":31,"link":"https://ttm.financial/post/483818467951432","isVote":1,"tweetType":1,"viewCount":7223,"authorTweetTopStatus":1,"verified":2,"comments":[{"author":{"id":"10000000000011038","authorId":"10000000000011038","name":"Phyllis Strachey","avatar":"https://static.tigerbbs.com/d5c62f3fe5a25c3c4d33f23a6ff045a3","crmLevel":1,"crmLevelSwitch":0,"authorIdStr":"10000000000011038","idStr":"10000000000011038"},"content":"Marks’ 50/50 mix makes sense—Mag 7’s 45x P/E is way too stretched!","text":"Marks’ 50/50 mix makes sense—Mag 7’s 45x P/E is way too stretched!","html":"Marks’ 50/50 mix makes sense—Mag 7’s 45x P/E is way too stretched!"},{"author":{"id":"10000000000011036","authorId":"10000000000011036","name":"Ron Anne","avatar":"https://static.tigerbbs.com/4c655efe5349cbc91ca0e030f83cb4da","crmLevel":1,"crmLevelSwitch":0,"authorIdStr":"10000000000011036","idStr":"10000000000011036"},"content":"Cash at 4.3% yield beats over-hedging; 20% is smart for dips.","text":"Cash at 4.3% yield beats over-hedging; 20% is smart for dips.","html":"Cash at 4.3% yield beats over-hedging; 20% is smart for dips."}],"imageCount":6,"langContent":"EN","totalScore":0}],"essenList":[{"id":578508004545712,"gmtCreate":1782262278351,"gmtModify":1782262281324,"author":{"id":"3554888465013982","authorId":"3554888465013982","name":"34MMatCha","avatar":"https://static.tigerbbs.com/0867d63e5741b16124579ed8b448843d","crmLevel":13,"crmLevelSwitch":1,"followedFlag":false,"idStr":"3554888465013982","authorIdStr":"3554888465013982"},"themes":[],"title":"","htmlText":"Stock Market Master 101.","listText":"Stock Market Master 101.","text":"Stock Market Master 101.","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/578508004545712","isVote":1,"tweetType":1,"viewCount":2243,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":501775965209496,"gmtCreate":1763513470149,"gmtModify":1763516510933,"author":{"id":"4214435872880722","authorId":"4214435872880722","name":"Namtan","avatar":"https://community-static.tradeup.com/news/5cf40d69f6c04c07a49c63803a91ca02","crmLevel":1,"crmLevelSwitch":1,"followedFlag":false,"idStr":"4214435872880722","authorIdStr":"4214435872880722"},"themes":[],"title":"global in new generation","htmlText":"Dear Papa j.son Evelyn Mr.Ma Mr Li Martin FCA trans union Natwest acerorate Barclays Alibaba V12and many more who is supporting Sirilak and Mustafa and family I would love to say thank you we working hard together so far and in 20 years future if slSirilak still alive I am glad I am here to work for all of you and this world this is following my heart that my God father monk says after she 43 she will work for Buddha this mean my life will be in the safe place with all your warm love I will look after it and returned this money to be profits in a best way clean and clear I will never give up ,xxx","listText":"Dear Papa j.son Evelyn Mr.Ma Mr Li Martin FCA trans union Natwest acerorate Barclays Alibaba V12and many more who is supporting Sirilak and Mustafa and family I would love to say thank you we working hard together so far and in 20 years future if slSirilak still alive I am glad I am here to work for all of you and this world this is following my heart that my God father monk says after she 43 she will work for Buddha this mean my life will be in the safe place with all your warm love I will look after it and returned this money to be profits in a best way clean and clear I will never give up ,xxx","text":"Dear Papa j.son Evelyn Mr.Ma Mr Li Martin FCA trans union Natwest acerorate Barclays Alibaba V12and many more who is supporting Sirilak and Mustafa and family I would love to say thank you we working hard together so far and in 20 years future if slSirilak still alive I am glad I am here to work for all of you and this world this is following my heart that my God father monk says after she 43 she will work for Buddha this mean my life will be in the safe place with all your warm love I will look after it and returned this money to be profits in a best way clean and clear I will never give up ,xxx","images":[],"top":1,"highlighted":1,"essential":1,"paper":2,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/501775965209496","isVote":1,"tweetType":1,"viewCount":3785,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}]}