Yup, pretty much. One of the challenge of information economics is that the cost to recreate the information on which a business is founded can be much much higher than the cost of the hard assets (imagine what it would cost Google to recreate their search algorithms and index from scratch)
That said, there is a pretty reasonable point that if bonds were returning 5 - 6% over 10 years rather than 1%, quite a bit of capital would move back into bonds and away from equities. That would put a lot of downward pressure on the price of equities.
That said, there is a pretty reasonable point that if bonds were returning 5 - 6% over 10 years rather than 1%, quite a bit of capital would move back into bonds and away from equities. That would put a lot of downward pressure on the price of equities.