The great value investor Leon Cooperman was on CNBC today and said the market is about fairly valued. Cooperman described three phases to a bull market. The first phase is the “wow, we survived” phase. That is when you are coming out of a bear market and everyone thinks the world is going to end. That would have been in 2009. Then you have the second phase which consists of 4 or so years of rising earnings. And then the third and final phase would be the “exuberance” or “silliness” phase when stocks are getting just too expensive and prices do not make sense. According to Cooperman, we are not yet in phase III but there are some pockets of phase III type stocks out there, such as TSLA and PBPB.

http://www.cnbc.com/id/101112587