Just to provide some data to back up your point: Forward earnings yield (from analyst forecasts & company guidance) for the S&P 500 is 4.84% vs 0.67% for 10 yr treasuries.

This document looks at the historical trend from a variety of perspectives: https://www.yardeni.com/pub/valuationfed.pdf

Current valuations are roughly in line with post-2008 history, but looking at a longer history suggests that they’re actually undervalued relative to other assets.