you are incorrect. It is not dividend growth, the 'E' in a PE ratio is earnings.
Also, those dramatic events you have listed over the past has only shown that market will bounce back. The GFC was the mother of them all, and obviously has taken alot longer, however, it has bounced back.
Also, when you look at the composition of stocks in both the S&P500 and the ASX200, what is there for all to see is that over the past 5years, from the start of the GFC, the quality companies have performed so much better than the index.
