You guys made me so mad with your lameness I mis-wrote:
The Index PE is based on REPORTED earnings. Regardless, historical bull markets start at about par Or SOMEWHERE REMOTELY CLOSE between the two measures.
FOR EXAMPLE: In future "head in the sand utopia-land" the Index PE based on reported earnings is 8.34 and the dividend yield is 4.32%. I'd say by all means start a Bogle-esque buy and hold, and NEVER look at your statement. HA.