You said "presumably people are purchasing said stocks in tax sheltered accounts". Sheltered accounts make up a tiny portion of investable money. Not enough to move the needle with respect to the valuation of dividend stocks.
Yes I know interest rates were low a long time ago. I was simply making the point that peoples' perceptions are biased towards recent events, and 'never' is a long time.
Too much QE would trigger more inflation. We don't really disagree here - governments want low interest rates, due to high levels of debt. I am just saying that things do change. And we are already seeing the pendulum start to swing back a little bit.
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