The market's rally may be far from over as low interest rates keep valuations in an attractive place, Wall Street legend Byron Wien says.
"People complain that the market is overvalued but … with these interest rates, the market is really below fair value," says Blackstone's Byron Wien.Wien has been on Wall Street for more than 50 years and his annual list of 10 market surprises remains a must-read in the financial industry.The stock market's rally may be far from over as low interest rates keep valuations in an attractive place, according to Wall Street legend Byron Wien.
He noted the S&P 500's fair value rested around 18 times next year's earnings, referring to the average's price-to-earnings ratio. The ratio is among the most widely used valuation metrics by investors. FactSet data showed the"At these interest rates, that's not an excessive valuation," Wien said.
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