In the good old days stocks were considered too risky and to compensate for that they had to return more than bonds. Earnings are a lot easier to fake than div

In the good old days stocks were considered too risky and to compensate for that they had to return more than bonds. Earnings are a lot easier to fake than dividends that's why some consider dividend rate more reliable indicator than P/E (esp. when comparing with other asset classes). Last time S&P returned more than treasuries was in 1950's.