"Fundamentals appear to me to be less good overall than they were seven months ago, but at the same time, asset prices are high relative to earnings, higher than they were at the end of 2024, and at high valuations relative to history…. The existence of overvaluation can never be proved, and there's no reason to think the conditions discussed above imply there'll be a correction anytime soon. But, taken together, they tell me the stock market has moved from 'elevated' to 'worrisome.'" —Howard Marks
