Robust earnings and economic data have boosted equities to start 2024, with the S & P 500 briefly crossing the key 5,000-point threshold for the first time in history.
But even with stocks at these lofty prices, famed Wharton professor of finance Jeremy Siegel doesn't believe that the market looks expensive, especially when viewing it from a longer-term lens.
"I don't think right now the market is overvalued for a long-term investor by any means."
In particular, Siegel pointed to strong company fundamentals to bolster his claim that equities are trading near their fair valuation.
"When we think about 5,000, it wasn't long ago when we had some very big names telling us the S & P was going down to 3,600," Siegel said.
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