Motley Fool article, Fool.com: Bill Gross Negative on Stocks, historically stocks do not follow earnings growth, as Peter Lynch says on his commercials. Rather, dividend yields matter most to stock returns. So, even if corporations do increase earnings in the future (not a sure thing, IMO) the stock market still may not recover. Look for undervalued stocks with a P/E lower than the S&P average P/E of 21.