David Einhorn, founder of Greenlight Capital and billionaire investor, voiced his apprehensions about the elevated valuations in the stock market during CNBC’s Delivering Alpha conference last week.

What Happened: Einhorn pointed out that while long-term investors might not incur losses, the current high valuations indicate potentially lower returns in the future, Business Insider reported on Wednesday.

Einhorn characterized the market as “really, really, really pricey,” but clarified that this does not make him bearish. He highlighted that asset prices can remain mispriced for long durations. The Shiller cyclically adjusted price-to-earnings ratio is currently at 38 times earnings, marking one of the highest levels in a century, which Einhorn labeled as “the most expensive market of all time.”

See Also: Peter Thiel Says Trump’s 60% China Tariff Would Be ‘Very, Very Bad’ For Beijing, Here’s What’s At Stake

According to Bank of America, these valuations suggest 1-2% annualized returns for the S&P 500 over the next decade, excluding dividends. Other experts, such as Goldman Sachs‘ David Kostin and Research Affiliates‘ Rob Arnott, have expressed similar concerns.

Why It Matters: The victory of President-elect Donald Trump accompanied by stronger-than-expected economic data drove the S&P 500 Index higher. The index, which fell by 2.3% last week at 5,870.62 is still higher than its pre-election levels of 5,712.69 points as of Tuesday, Nov. 3 close.

According to Rob Arnott, the founder and chairman of Research Affiliates, the current stock market environment is reminiscent of the dot-com bubble peak. Arnott predicts a significant pullback in the near future. “This looks and feels like the year 2000 to me,” Arnott said.

“Are we likely to see a bear market in the next two years for large-cap growth? Yeah.”

Meanwhile, in premarket trading on Wednesday, the SPDR S&P 500 ETF Trust SPY, which tracks the S&P 500 Index,  rose 0.13% to $591.05 and the Invesco QQQ ETF QQQ, which tracks the Nasdaq 100 Index, gained 0.10% to $503.96, according to Benzinga Pro data.

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This story was generated using Benzinga Neuro and edited by Pooja Rajkumari