According to Robert Shiller of Yale University, the dividend yield on U.S. stocks is today 1.97 percent. Compare this to the 1.77 percent on the 10-year treasury bonds, and we can get a sense of the current equity/bond situation. Some bond yields (such as the current 10-year) are actually lower than the average stock yield, showing the heightened demand for bonds among investors compared to demand for stocks. Investors seem to increasingly prefer investing in bonds over stocks, a phenomenon which can be partially attributed to the Great Recession and the current European sovereign debt crisis. Indeed, according to CNBC, "equities have not been so cheap relative to bonds since 1956."