via Wall Street Journal
Americans are getting some tough news from investment advisers these days: U.S. stocks have risen so fast since the financial crisis that future gains are likely to be weaker.
The S&P 500 index, for example, has tripled from its 2009 low, which is great news. Through this year’s first half, however, it was up only 0.20%.
Stocks around the world have gotten so expensive that many professional investors are in a quandary. “If someone dumped a boatload of cash on me and said ‘Put this to work,’ I would have a difficult time putting new money into the stock market,” says Jack Ablin, chief investment officer at BMO Private Bank, which oversees $68 billion.