I expect nothing extraordinary from US equity markets – at least for the next 10 years or so, when US demographics begin to improve again (much sooner than European demographics will). My main concern as far as US equities are concerned is valuation. US equities are just so expensive. Having said that, as I have already pointed out, overvaluation can prevail for a long time, and it would be outright foolish of me to try and project when I think it will correct itself.
