'Almost every asset is overvalued': Apollo pro

Joshua Harris
Jonathan Alcorn | Bloomberg | Getty Images

Just because many forecasters predict the U.S. economy will continue to grow doesn't mean it's easy to make money.

"The quantitative easing and the excess money and the low interest rates have driven pricing up of almost all financial assets to beyond what their intrinsic value might be," Joshua Harris, co-founder and chief investment officer of $161 billion private equity firm Apollo Global Management, said Monday at the Milken Institute's Global Conference in Los Angeles.

"So even though we can all chat about the benevolent growth environment that exists in the U.S. and to a lesser extent globally, the ability to make money and invest wisely on that is very, very challenging right now because you're starting at a point in the valuation cycle that is very, very aggressive."

Harris added that it's a "time to be cautious" and that Apollo is still looking for investments in sectors that are still relatively depressed. "Almost every asset is overvalued," he said.