Siegel said that stocks are as cheap as they were in the 195's. He is focused on P/E ratios versus the interest rates.
Siegel noted that "You are always investing relative to your other opportunities." Basically, since interest rates are negative, Siegel sees stocks as dirt cheap.
Siegel is often criticized as a perma-bull who wrote the 1990s classic "Stocks For The Long Run."
Siegel thinks that eventually the ECB will get the euro down to 1.10 versus the U.S. dollar.
Siegel does not believe in the gold thesis. He thinks that people who own gold only own it due to fears of hyperinflation or a collapse in the banking system. Siegel does not think that either of those scenarios will play out in the near future.