Subject: Re: Bubble Watch
Maybe itīs my stupid hour, after having just finished watching "Django unchained" accompanied by quite some bubbly and also red wine (bad combination), but I donīt understand that:

When I say that if 10-year Treasury yields stay at around 4%, then the market should average a P/E of around 25x over time

Where is the risk premium for stocks in that equation? Why should I risk buying/holding stocks for receiving the same 4% I can get without any risk with Treasuries?