Marks characterizes current market valuations using traditional PE ratios as lofty but not nutty based on year-ago assessment.
“And, you know, those things showed the the market to be, I used the expression a year ago, lofty but not nutty.”
Marks says S&P prices doubled since September 2022 while intrinsic values have not.
“since roughly 09/30/2022, I would venture that the S and P has doubled. I mean, company values haven't doubled, intrinsic values, but prices have doubled, so it's been a great time,”