From the same article:
"A further comparison: In the period between 1871 and 2016, earnings growth in the S&P 500 and the returns of the following 15 years showed a much lower correlation (Rē 0.16 - correlation 0.40, Figure 7). This shows that CAPE and PB enable significantly more reliable long-term forecasts than correctly estimated long-term earnings growth rates for the subsequent 15 years."
So don't assume that just because we will get record earning season that this means everything will be hunka dory with the stocks market going forward. History has shown that earnings growth has already been baked into the forward price and then some.