Chapter 4 discusses breaking down the return of the entire market (S_t) into three pieces: 1. M_t the price-earnings multiple prevailing at time t, 2. GDP_t, the gross domestic product at time t, and 3. K_t, defined as the ratio of earnings to GDP at timet The growth rate of which of these three is argued to most closely align with the long term growth of the stock market? The growth rate of GDP The growth rate of M The growth rate of K