Yes you are a member of the real world, which I might add is universally wrong when it comes to investing. The facts are on 9/30/2014 S&P 500 LTM was $105.96 and the index closed that month at 1,972. As of 6/30/2017 with 98.5% of companies reported the LTM stands at $104.01 and the index closed that month 2,423. So LTM EPS has declined by 1.8% and yet the index has climbed by 22.9%. The rise in the market can be explained simply, investors are willing to pay more for a unit of earnings. You are just an investor sap, just like it always will be, now and forever.
This is quite funny coming from the guy who's been "universally wrong" from the moment he started posting on this thread. What you apparently fail to understand is that the market is forward looking. The LTM EPS estimates for this quarter and the next several are all at record highs. That is why investors are willing to pay more.