My point exactly...CAPE ignores interest rates...as do you,Mr Bond.
They have been falling for 9 and 1/2 years...so were supportive of a higher CAPE.
Now they are rising...and so is the CAPE
.
Obviously its ten year data so its not forecasting events next week...
But it has only been this high  three times before...2000,2007 and 1929.....
ring any bells ?
So the only reason people look at CAPE is to see what their average 20 year ETF return is  ??
This sounds very much like your "10 year bond" theory...complete nonsense.
If your not raising cash, you are not protecting yourself.