I agree...the market is scary high...but part of your math confuses me...
(maybe someone else can sort me out)
:)

LOWER 10 yr GoC rates support higher PE's...and vica versa...
But you are ADDING (GoC plus PE) instead of dividing. (or subtracting ?)
Your really just showing a bell curve centered around zero return.
(!!)

The TSX is bipolar....half of it loves a poor economy/low rates (utilities etc)...half loves growth.
Seems to me they almost cancel each other out (ex energy).