Current segmentation is too deep

I am getting an error "Current segmentation is too deep and loads too slow, please revise your segment conditions!"
Please see attached. What is the reason. Even if I put only 15 days I get same error.
 

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Same problem here. Small list (< 3,500 records), 4 simple conditions. Max. segment wait timeout is on 29 secs (was 30 secs, didn't work either, in fact it never even tried for that long. The error message comes within 5-ish seconds)

screencapture-e-nad-works-customer-index-php-lists-rx178fy231a9d-segments-co0603ebkzf08-update...png
 
It is not the only the size of the list that matters in this case. You are going back 200 days. It matters also how many campaigns were sent to that list in this period.
 
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