[Oak Tree Capital Co-Founder: Those Who Stay on the Sidelines Out of Fear of Risk May Miss the Greatest Investment Opportunity in History] Odaily Planet Daily News – Legendary investor Howard Marks stated on a podcast that the current market is in a state of prosperity, though it is unclear whether it is irrational. Using SpaceX's potential IPO at a valuation of nearly $2 trillion as an example, it is impossible to calculate a reasonable price for participating in such an IPO. Howard Marks noted that those who are overly cautious rarely achieve great things. Investing in tech giants could lead to significant mistakes but also has the potential to yield extraordinary success. On the other hand, those who stay on the sidelines out of fear of risk may miss the greatest investment opportunity in history, while traditional industry investors may fail to seize the epoch-making windfall. Currently, the S&P 500's price-to-earnings ratio is approximately 23x, higher than the 80-year average of 16x but lower than the 32x seen during the 2000 internet bubble. When it comes to AI investments, investing in mega-cap tech companies is considered a low-risk approach. Investing in vertical AI companies like Anthropic and OpenAI carries higher risks but also higher survival rates, while investing in early-stage startups is akin to buying a lottery ticket.