Billionaire Paul Tudor Jones says:

Buying the S&P 500 index at its current levels may not generate good long-term returns, because history shows that buying at a P/E multiple (22 times) often results in weak or negative returns over the next 10 years.

And that he does not expect a near-term crash, but he believes the market is too high right now, and that risk levels and reliance on borrowing are greater than he has seen before, which makes it harder to generate profits from these levels

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