"Stocks can also give substantial capital gains" They did, but if dividends are higher than bond yields, that could be nature's way of telling you that future

"Stocks can also give substantial capital gains" They did, but if dividends are higher than bond yields, that could be nature's way of telling you that future capital gains will be roughly zero or less. If you look back like 40 years, the long term bonds ended up returning about the same as the stock market. So maybe the current long term yields are telling you what stocks will return over the same period of time.