The Case for a Bull Market Is Flawed

Joe Kernen: So tell me, Jim, what are your thoughts on the U.S. stock market?
Strategist: Stocks are cheap, trading at only 15x my 2014 estimate of $120 a share for the S&P 500. That's in line with the historic averages. But stocks are cheap with the 10-year U.S. note yielding under 3% compared to around 6% over the last five or six decades.

-- An imaginary CNBC "Squawk Box" interview between Joe Kernen and a strategist...1473 more words left in this article. To read them, just click below and try Real Money FREE for 14 days.

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