Howard Marks: S&P 500 at 7,150 Record 'Not on Sale' in 43-Month Bull

The S&P 500 hit a new all-time high near 7,149.92, extending a 43-month bull market since October 2022, but billionaire Howard Marks warns it's 'not a market that's on sale,' urging caution against buying every dip. Elevated cyclically adjusted P/E ratios exceed historic averages, rivaled only by dot-com bubble peaks, though AI mega-caps like Meta, Nvidia, and Microsoft trade at forward multiples around 25x, potentially justifying premiums. Marks advocates selective opportunities in pessimistic pockets over broad index exposure amid concentration risks noted by Buffett and Ackman.