Praveen Chawla
This is a useful chart. Its shows 10 year TIPS yield (real interest rates after inflation expectations) and S&P 500 earnings yield (reverse of PE ratio). The wider the gap the more undervalued the markets are compared to fixed income (except after a recession when the gap collapses). Lately the gap has been closing.
It may be useful to have GF series just showing the difference between the two lines.
