Felix warns high US valuations have often preceded low or negative returns

What was said

""When valuations are as high as they are now, future returns are almost always low or negative in the US market.""

Felix says US equity valuations are “as close to as high as they've been throughout US market history” and argues that periods starting from similarly high valuations have tended to deliver low or negative subsequent returns. He adds that outcomes across other developed markets show a wider range, and he says he would not use valuations to time the market.