Ron Baron, CEO and chairman of Baron Capital, said he sees three factors pushing the stock market even higher: a robust economy, low interest rates and cheap oil prices.

The economy should grow "very nicely" over the next 20 years, Baron told CNBC.

A thriving economy would also lift the stock market along because the Dow Jones industrial average historically tracks the economy, CNBC explained.

Meanwhile, U.S. job growth surged in October and the unemployment rate hit a 7-1/2-year low of 5.0 percent in a show of economic strength that makes it much more likely the Federal Reserve will raise interest rates in December, Reuters reported.

And despite all the talk about when the Fed might hike rates, he said rates will likely stay low for a long time, despite possible any near-term moves, CNBC reported.

The U.S. central bank, which has held rates near zero for nearly seven years, has made clear, both in its statement after its October policy meeting and Yellen's subsequent comments, that a rate hike is firmly on the table at the Dec. 15-16 meeting.

Futures traders now put the odds of a December rate increase at 70 percent, up from 50 percent a week ago and 36 percent last month. The calculation assumes the effective fed funds rate averages 0.375 percent after the first increase, compared with the current zero-to-0.25 percent target range, Bloomberg reported.

"The big picture that we have is that the country is heavily in debt," he said. "We're in the process of deleveraging. The idea that interest rates are going to go up a lot anytime soon is a fallacy. [They're] going to go up but ... not a lot."

Baron also predicted cheap oil for a long time because decades of prices way above the cost of production led to a boom in exploration and discovery of new stores of crude in the U.S. and around the world, CNBC reported.

"You have huge amounts of reserves that we don't need," he said. "Any time oil prices go up, you're going to be met by this extra reserve which will force it back down again."

But not everyone is so optimistic about the economy and the Fed’s road map to lead it to greener economic pastures.

Hedge fund manager Stanley Druckenmiller warns that the Federal Reserve has inflated an economic bubble that is poised to burst.

The chief executive of Duquesne Capital said "the central bank has created a bubble of short-term investing through its near-zero interest rates and quantitative easing," CNBC reported.

"All you do when you're doing this is you're pulling demand forward to today," Druckenmiller said at the annual DealBook conference.

"This is not some permanent boost you get. You're borrowing from the future. I think there's been such a misallocation of resources that this has gone on so long and unnecessarily (and) the chickens will come home to roost."

Druckenmiller didn't specify exactly how he thinks it all will end, but believes the Fed policies have not only encouraged risky behavior but also have added to income inequality problems by shifting wealth to asset owners, CNBC reported.

(Newsmax wire services contributed to this report).

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