OakTree Capital：2025年价值计算报告（英文版）

January 2 of this year was the 25" anniversary of my memo bubble.com, the one that put my writing onthe map, and I marked the occasion by publishing another memo, called On Bubble Watch. While the titlemay have raised concern for readers, my main conclusion was that the elevated .S. stock marketvaluations at the time didn't necessarily signal the existence of a bubble, mainly because I didn't detectthe extreme investor psychology I associate with bubbles. Security prices were “lo