I agree with his expectation that economic growth will be very slow. More importantly, there's a savings glut: A high savings rate in Asia (China in particular)

I agree with his expectation that economic growth will be very slow. More importantly, there's a savings glut: A high savings rate in Asia (China in particular) caused real interest rates to become permanently negative. Some of that money spilled over into the stock market where P/E ratios are still very high. Expect stock market returns to be very poor over the next couple of decades.