Despite a 16% increase in the S&P 500, U.S. stocks are lagging globally. The MSCI global index is up 19%, London’s FTSE 100 has returned 21%, and BlackRock’s iShares MSCI Emerging Markets ETF has added 32%.

Goldman Sachs predicts this trend will persist in the next ten years. The chief global equity strategist believes high valuations in the U.S. and stronger growth in other countries will lead to outperformance in other markets.

Read more at Barron’s: Goldman Says U.S. Stocks Will Continue to Underperform the Rest of the World