Mr.Grantham thinks U.S. large-cap stocks are about 30% overpriced, which means returns should be about 30% less than their long-term average for the next seven years.

• 格兰瑟姆认为，美国大盘股高估了约30%25，这意味着未来7年的回报率应比长期平均回报率低约30%25。