Why have asset prices not become extremely high when the interest rate is lower than the growth rate?

We look at the cases of the United States and the euro zone, but our point remain s valid in all countries. Interest rates are significantly lower than the growth rate and are going to remain so. In theory, this ought to lead to very high asset prices (equities, real estate) if not tending towards infinity. Yet this is not the case: why? There are two possible explanations: Uncertainty and risk perception are sustainably higher, and risk premia have risen; Investors do not believe that long-term interest rates are going to remain so low for so long and discount the future income from holding assets with significantly higher interest rates than actual long-term interest rates .