Tom Lee, co-founder of FundStrat Global Advisors, has been positive on stocks for several years, and he's not changing his tune now.
"I'm bullish, and I think it's an up year in a horizon where we'll have several more years of gains,"
he told CNBC.
Lee projects the S&P 500 will end the year at 2,325, up 13 percent from Monday afternoon's level of 2,049. The S&P 500 has tripled from its March 2009 low.
"This is a bull market that's been around for a long time, and I think it's frustrating people, because it's been hard to beat and it's been volatile," Lee said. "I think that type of frustration makes it easier for the market to surprise to the upside."
Companies are due to increase their capital expenditures, which should provide a boost for stocks, he said.
"Cap-ex is a story that eventually has to turn. Companies can't let assets deplete forever, and accumulated depreciation to gross plant is now over 50 percent in the S&P for the first time in history."
John Bogle, the legendary founder of Vanguard Group, sounds a more cautious note on stocks.
"We live in a very uncertain and fragile world with big risks,"
he told Swiss business magazine Finanz and Wirtschaft. "Now, we have a little bump going on here, and if it gets more serious who knows really what’s going to happen."
Bullishness now prevails in the stock market, but "bullish thinking changes for no apparent reason," Bogle says. "The market seems to have taken on a nervous cast and there is very little anybody can do about that."
And what dangers do stocks now face?
"There are financial risks, economic risks and the risk of war rising all over the world," Bogle says.
"I’ve been saying for several years that we have a stock market that seems to be ignoring those kind of risks. I think we’re seeing a turn in lower global economic growth and a turn in lower corporate earnings."
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