CNBC reports that Blackstone’s Executive Vice Chairman, Tony James, told that the coming years could be a “lost decade” for equity returns as companies struggle to grow their earnings.

James told that stock prices may not rise further after becoming fully valued over a “five- to 10-year horizon.”

“I think this could be a lost decade in terms of equity appreciation,” he said, referring to a term commonly used to describe a period in the 1990s when Japan experienced economic stagnation. 

He explained that current low interest rates may not dip further and may instead rise to more normal levels in the coming years.

In addition, companies will face “plenty of headwinds” that put pressure on earnings, he said. That includes higher taxes, increase in operating costs, less efficient supply chains and “deglobalization” that will hurt productivity, explained James.