This seems like turning the argument upside down. The stock market is not cheap, but it is expensive because bond yields are low. That does not contradict that

This seems like turning the argument upside down. The stock market is not cheap, but it is expensive because bond yields are low. That does not contradict that stocks are overpriced but simply explains why. The big question is if this situation of overpriced stocks will increase, how long it will endure and how will it end?