CoinWorld News reports that at the 2026 Wharton School lecture, Oak Tree Capital's Howard Marks pointed out that the market is shifting from extreme optimism to cautious correction, but the S&P 500's price-to-earnings ratio still remains above the historical average, and overall it has not exited the high valuation zone. He emphasized that the core of investing is not market timing, but pricing assets at appropriate prices, and he believes that value and growth are not mutually exclusive; selling decisions should be viewed as contrarian buying judgments.