Investors should not listen to talk that the two-year bull market is ending because stocks are still undervalued by 20 percent, says Bill Miller, chairman, chief investment officer and portfolio manager of Legg Mason Capital Management.
The market bottomed out in March 2009 and has been on a rally since, but it's still not over. "I'm bullish," Mason tells CNBC.
Earnings have been strong but still have a way to go, Mason says.
"Only 10 percent of the market's value [now] is based on expectations about the future. That contrasts with the normal of about 30 percent. So you're about 20 percent undervalued on that measure, as well."
|A trader works on the floor of the New York Stock Exchange (NYSE).
Miller isn't alone when predicting the bull run to continue.
Investment guru Laszlo Birinyi, head of Birinyi Associates, also tells CNBC that stocks are going to keep climbing.
"The last bull market was five years. We're still looking for (this) bull market to last four to five years," Birinyi says.
"If we cobble together all the long bull markets, we come up with a historical projection of about 2,100 out two or three years from now on the S&P."
The index is hovering around 1,288 after bottoming out at 667 in March 2009.
Others, however, say stocks have been rising largely due to the Federal Reserve's $600 billion bond-buyback program, which will end soon and with it, the current rally.
"Stocks have had a fantastic revival," analyst and portfolio manager Gary Shilling tells Yahoo Tech Ticker. "But I think at this point there signs of bubble-like characteristics."
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