I understand the context of the valuations relative to the risk-free rate. I suppose I am just holding out hope that putting capital at risk doesn't get rewarded with low single digit returns over the long-term. I believe this is what you are referring to:
For the S&P 500 index. Goldman's conclusion: "The most likely future path of US equities involves a lower valuation."
It's too bad zero hedge didn't create a table of current treasury rates as a percentile of historical norms
