Tom Barrack, CEO of Colony Capital, and Robert Sechan, managing director of UBS Wealth Management, see more good times ahead for stocks, CNBC reports.

The Dow Jones Industrial Average hit a record high Thursday.

As for Barrack, he thinks the bull market, which began in 2009, has another five years to go.

Editor’s Note: 5 Reasons Stocks Will Collapse . . .

"I feel the exuberance, and I try to avoid the economists," he tells CNBC.

The positive factors for stocks are "transparency, liquidity, the lack of corruption, a marketplace that we understand," Barrack explains.

There will be times of irrational exuberance, he acknowledges.

"Of course, you're going to have bubbles, but the efficiency in the system is there," he notes. "I think this is a five-year, upward-only adjustment."

"We're going to have some unforeseen intervening events, but it's [stocks are] the best game in town."

On the topic of bubbles, Sechan tells CNBC, "When I look at this concept of asset bubble, it relates to fear, greed and excessive optimism. I see the first. I don't really see the latter two," he argues.

Investors are hoarding cash, Sechan says. "They haven't really been willing to embrace this market." He expects stocks to grind higher after a brief respite.

Many investors believe the Federal Reserve's massive easing program will continue to support equities.

"The central bank has decided they will reward risk behavior, and that's what we're going to get," Bill Mann, chief investment officer at Motley Fool Asset Management, tells Bloomberg.

"The market will keep hitting their highs until the stimulus reverses itself."

Editor’s Note: 5 Reasons Stocks Will Collapse . . .

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