虽然问过，但我仍然觉得书上说的意思是fedmodel 里E1/p0忽视了growth，不是T-bond没考虑growth

原版书173页

EXAMPLE 10

Fed Model Questions



2. Why might the earnings yield be considered a poor measure for the true worth of equities?

Solution
to 2:

The forward earnings yield measure used in the Fed model to assess the worth of
equities fails to accurately capture the long-term growth
opportunities available to equity investors. Although studies show that the
dividend yield has been the major determinant of long-term equity returns, the
impact of earnings growth has been significant and arguably should not be
ignored.