I heard talk of the Earnings Yield Gap ratio, which is the difference between the inverse of the PER and the TIR on 10-year-bonds.

I heard talk of the Earnings Yield Gap ratio, which is the difference between the inverse of the PER and the TIR on 10-year-bonds. It is said that if this ratio is positive then it is more advantageous to invest in equity. How much confidence can an investor have in such an affirmation?