start to see inflationary pressures rising, that's when investors tend to be the most optimistic,o unately, extrapolation can be hazardous to investor's wealth, at the points, people assume the good times are going to keep going, but unfortunately, a lot of nose positives are already in these very high valuation levels. >> what are investors to do with this. if we're to have a lower tn expected return for equities over the next 10 years or so, wher do you suggest thathey go to get the best return? >> look, i think it really depends on your type of investment strategy, for mr. people, trying to time the markets and exit the u.s. stock market now would be dangerous ced generally what we think they should do is bor lower returns, the challenge when you've hp high returns for the last fiv yea and 10 years, is that people start to think it's normal when they start to adjust their spending and savings lower your expectations, i think this is going to be a more challenging decade for stock market returns,now, for those investors that can take a long term view, andbe that m areth to be more contra