Chart - Z1P, page-6615

Thank god. If that report was bad, we were all screwed in the short to medium term haha

Now it's obvious there is no bubble. With bond yields still relatively low compared to equity returns, and interest rates promised not to budge from record lows for at least 3 years, then way higher than average PE ratios should technically be the norm.

The money has to be somewhere. And if it's not in bonds or inflation hedges, then it has to be in equities. Which is where the returns are being made at the moment. i.e. If the bonds were at 10-15% yields, then that's where a lot of investments would be...but they're around 1.5%, and no one cares about that crappy return haha.