Goldman Sachs analyst Peter Oppenheimer warned that the recent strong rebound in US stocks has brought the current stock market valuation to a perfect level. He believes that the perfect money-making environment in the US stock market may not last long because investors are digesting rising bond yields, inflated valuations and uncertainty about further interest rate cuts. Although the stock market is expected to rise further this year, mainly driven by earnings, the stock market will become increasingly vulnerable to further increases in bond yields and disappointing economic data or earnings growth. He said that the high valuation of stocks may limit future returns because studies have found that it is extremely difficult for companies to maintain high sales and profit margins for a long time, so investors may choose to sell stocks due to poor performance. In the next decade, stocks may also face fierce competition from other assets, such as Bitcoin. Goldman Sachs expects the total return of the S&P 500 index to be only 3% in the next decade. He also mentioned that the abnormally high market concentration will increase the risk of the portfolio, and he is particularly worried about Apple, Nvidia, Microsoft, Alphabet and Amazon, which account for a quarter of the S&P 500 index. If these companies are disappointed in their performance or the trading environment deteriorates, the market may see a wider adjustment.