So why does Siegel think the bull market has lots of room to run? He cites a few reasons:
- Record earnings
- Higher quality earnings
- Extremely low interest rates
- Still attractive valuations (below historical norms)
- A 30-year bull market on bonds still has to reverse and lead to flow of cash into stocks
He thinks the shock of the "Great Recession" is still wearing off and as that does the valuations (multiples) placed on earnings will increase.