美国拥有发展成熟的商业板块、强劲的经济、可靠的法律体系、透明的财报披露以及专业的企业管理层，这里的确是一块非常优质的投资沃土。
The United States boasts a mature business sector, a robust economy, a reliable legal system, transparent financial reporting and professional corporate management. It is indeed an excellent ground for investment.
但它同样也存在隐患。
Yet it comes with hidden risks as well.
在我看来，美国的财政状况、财政赤字与国债问题就是一大风险。
In my opinion, America’s fiscal position, fiscal deficit and national debt constitute a major risk.
我暂时无法判断问题的严重程度，也不知道什么时候风险会爆发，但这绝对不是一件好事。
For now, I cannot gauge how severe the problem is, nor when such risks may materialize, but this is definitely not a favorable sign.
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不过综合来看，美国大概率仍是全世界最优质的投资地。
All things considered, the United States will most likely remain the world’s premier investment destination.
但我一直坚持一个观点：再好的资产，如果价格过高，也会变成一笔糟糕的投资。
Yet I have long held one view: no matter how good an asset is, it becomes a poor investment if its price is too high.
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当前美股估值相比全球市场存在溢价，这份溢价反映了它本身的优秀。
U.S. stocks currently trade at a premium versus global markets, and this premium reflects their inherent strengths.
但这份溢价究竟值不值得？溢价水平是偏低、刚刚好，还是已经过高？
But is this premium justified? Is it too low, about right, or excessively high?
这个问题很难立刻下定论，后续我们还要通过企业业绩表现来验证。
It is hard to draw an immediate conclusion; we will need to verify this through corporate earnings going forward.
我的整个投资生涯，都建立在一个核心理念之上：投资不是买到好资产就够了，而是要以合适的价格买入资产。
My entire investment career is built on one core principle: investing is not just about buying good assets, but buying them at the right price.
过去我也投资过不少资质并不算顶尖的资产，最后依然获得不错回报，核心就是买入的价格足够便宜。
In the past, I have invested in many assets that were not top-tier, and still earned decent returns, primarily because I bought them cheap enough.
在我看来，当下的中国市场，很可能就是一份优质资产，并且价格处在被低估的区间。
In my view, China’s market today is likely a quality asset trading within an undervalued range.
而中国在全球的地位、和世界各国的关系，还需要时间慢慢演变。
Meanwhile, China’s global standing and its relations with other countries will continue to evolve gradually over time.
以上内容为霍华德·马克思公开采访整理
由数字人霍华德·马克思播报
本视频由七华软件用人工智能技术生成