Leon Cooperman thinks that the stock market is fairly valued.
His basis for this? A 15 or 16 multiple on S&P earnings on an estimate of $109 of earnings.
He doesn't think that the market is overvalued or undervalued. Just fairly valued.
Cooperman thinks the typical bull market goes in three phases. He thinks we have not yet reached the third phase which is where the market gets overly excited and prices become speculative.