Sure, fearing overvaluation (i.e. too high price-to-earnings ratio) of stock markets, people will switch to an asset where the "earnings" part is zero by design

Sure, fearing overvaluation (i.e. too high price-to-earnings ratio) of stock markets, people will switch to an asset where the "earnings" part is zero by design. Sorry, but I would rather place my bets on real estate or dividend stocks (reasonably P/E'd stocks to be more precise).