High S&P 500 P/E ratios (22–23) are historically associated with flat or negative 10-year real returns.

Ray Dalio predicts the current market will not be a good investment over the next 3 to 10 years.

“It won't be good to for the next I couldn't tell you whether it's going to be 3 years or 10 years, but it won't be a good investment.”

The AI investment bubble will burst within the next few years.

“The next few days, the next few weeks, the next few months, but certainly the next few years.”

Buying the S&P 500 at a P/E of 22 (current valuation) produces negative 10-year returns.

“If you buy the S&P at this current valuation, the 10-year returns negative when you buy with the S&P of 22.”

When the S&P 500's P/E ratio was 23, annualized returns over the next 10 years were between +2% and -2% with no exceptions.

“If you bought the S&P when the P/E ratio was 23 in every case there were no exceptions. In every case, your annualized return over the next 10 years was between two and minus two.”

The US stock market could easily blow another 20-40% higher from current levels.

“This market could easily, in the US in particular, blow another 20, 30, 40%. Wouldn't shock me at all.”