Investors are piling into income-generating stocks at the fastest pace seen in decades. In the second zero-rate environment created by the Fed over the last decade, JPMorgan's Michael Cembalest brings attention to the frenzy of demand for income from 'safe' stocks. This has led to a rush into income-producing stocks (e.g., ones that pay high dividends). As shown in the accompanying chart from Mike Goldstein at Empirical Research, the P/E ratio of the highest dividend payers is at a record valuation premium compared to the P/E of the broad market. Of course, this will not end well; as the constant apples-to-unicorn comparison of 'risky' stock dividend yields to risk-free Treasury yields (risk-free in terms of capital return - no matter what your view on inflation/default) that we have pounded the table (here and here most recently) about remains a stock-seller's commission-maker's portfolio-manager's stock-broker's dream.