Source : Shiller Data, JQR Capital Earnings Drive Prices Last week we introduced data from Yale University Professor Robert J. Shiller that went all the way back to 1871 - a whopping 148 years. One of the important ingredients of this data set is the inclusion of corporate earnings to augment the price history. This allows us to begin forming return expectations models using something (anything, please!) other than past performance. The general conclusion from the chart shown below is that corporate earnings may drive future stock prices. Source : Shiller Data, JQR Capital Our First Crystal Ball  We now turn the tables back to the bond side of our asset allocation pie to see if we can have any chance at predicting the future. The bond data from Professor Shiller is the 10-year US Treasury bond. He provides current (from 1871) bond interest rates (yields) and future bond returns. Our expectation is that the former of these two should provide predictive power for the latter of these tw