Equities are expensive against future earning potential. Simple as that. I agree though, there aren't a lot of alternatives at the moment. But you need either

Equities are expensive against future earning potential. Simple as that. I agree though, there aren't a lot of alternatives at the moment. But you need either growth or dividends to earn on stock. Growth might become a lot harder in a rising interest rate environment and dividends are not a great return with current market levels.