Turnill said it is likely that what is remaining in the up cycle should be “measured in years, not quarters.”
He added that some investors may still be licking their wounds from the last war—leaving them cautious about investing in stocks because of the global financial crisis of 2008. They have been reinforced in their fears by recent low levels of volatility—a signal, they believe, that volatility and market risk are about to rise, Turnill noted.
Investors are so spooked and "overly concerned" about volatility that some of them are over investing in bonds, he said.
But Turnill said market fundamentals, combined with strong macro-economic numbers, lead him to conclude that, despite an occasional spike, we will continue in a period of low volatility. That, Turnill believes, is good for stocks.