It was a pleasure to listen to you in Paris (as well as a good meditation!). There are so many ways to compute the ex ante equity risk premium, and I just like the simplicity of your approach (simplest is often the best).
To answer to Joanne, I am always sceptical when "This time is different ..." I might also have called for a bear market every year but at least I was right in 2000 (as well as 1989 for Japan but that's another story...)