The S&P 500 has rallied 150% since its 2009 lows, and valuations look rich given weakening growth dynamics (the Shiller price/earnings ratio stands at 26, compared to 15 in 2009). Against this backdrop, the wealthiest Americans are unlikely to enjoy substantial further profits from their financial investments in the near term.
但现在趋势即将反转了吗？标准普尔500指数自2009年低点反弹了150%，基于萎靡不振的增长动态，估值看上去已经相当高（希勒市盈率高达26倍，2009年只有15倍）。在这一背景下，短期内最富有的美国人已无法从金融投资中获得利润的进一步大幅提升。