原文标题：
JPMorgan (NYSE:JPM) Warns Investors to Expect Lower Stock Market Returns
原文连结：
https://tinyurl.com/5e55h3ht
发布时间：
224/09/18
空
原文内容：
Analysts at JPMorgan Chase , the world’s biggest bank, are warning investors to expect lower stock market returns over the next decade as high-flying technology stocks come back to earth.
Analysts at JPMorgan Chase , the world’s biggest bank, are warning investors to expect lower stock market returns over the next decade as high-flying technology stocks come back to earth.
The analysts point out that, over time, stock valuations revert to the mean, which should translate to lower returns for investors in the coming years. With a current trailing price-to-earnings (P/E) ratio of 23.7 times, the S&P 500 index is about 25% more expensive than its 35-year average of 19 times.
心得/评论：
照这样推论，过去40年市值都高估了？
接下来如果要继续推升估值要看后续的生产力循环被什么带动上去，不然还是会均值回归吧