No. Let me just tell you right off the bat that I am not talking about the most recent twenty-eight years of history. Actually, we now live in exceptionally normal times (statistically speaking).
T'was not always thus.
Background
The difference between the earnings yield on the S&P 500 and interest rates on US Treasuries reflects the "earnings premium" that investors demand for taking the harrowing risk of owning stock rather than government bonds. Question: to what extent does the earnings premium you pay today explain investment returns that you earn over the next ten years?