The head of BI stocks strategy and chief equity strategy analyst stated that compared to various bonds, stocks have limited appeal in terms of yield, and the dividend yield has also failed to stimulate investor interest. The risk premium of the s&p 500 index has fallen to a 22-year low, while small caps are at a 13-year low. However, this decline in premium may not be indicative, merely reflecting a lowered market expectation for stock returns. History shows that reality can contradict expectations for a long time.