It's certainly true that stock markets have been supported in their returns by the

secularly declining interest rates because lower interest rate implies higher

valuations, but the question is for how long can you keep that up? And so if we're gradually

slowing down in our economic growth, is it possible that we will can that we can

have these very high stock returns from here on forward because the level of

stock returns is in equilibrium tied to the growth rate of the economy.

I'm Mary Long and that's Jules Van Binsbergen, a professor at Wharton who studies asset pricing and the history of markets.

Ricky Mulvey caught up with Van Binsbergen to talk about the good news about high valuations,

the problem with glide paths, and why the world needs more Galileo's.

Before we get to that conversation, a quick note that we're off tomorrow for the holiday.

To make it up to you, today's show runs a little bit longer than usual.

We hope you enjoy the conversation and the long weekend.

Joining us now is Jules Van Bensburgen. He's the co-host of the All Else Equal Podcast,

one that I particularly enjoy.

I find myself engaging with it, learning from it, disagreeing with it.

And sometimes he's also the Nippon Life Professor in Finance at the Wharton School at the University of Pennsylvania.

Jules, welcome to Motley Full Money.

It is great to be on the show.

Thank you so much for having me.

Let's start.

So we're going to tackle some big questions about how much you should save, how risky

your savings should be.

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