As the retail public awakes to discover a bull market that is four years old, many investors are entering advisors' offices to discuss  equity market re-entry. According to Nuveen Asset Management Chief Equity Strategist Bob Doll, the anemic recovery is keeping some of them on the fence.

That may be a big mistake, Doll told attendees at the semi-annual Tiburon CEO summit in New York City today. What's good for the economy is not the same as what's good for equities, he said.

The current environment possesses "a perfect set of conditions for equities." Economic growth is coming back at a snail's pace, so there is little reason for the Fed to raise interest rates.

Over the short term, the U.S. stock market looks "tired," Doll said. But there are "tons of people" who can't wait "for a pullback to put money back in."

American workers may feel more secure in their jobs and their home prices, so they are starting to spend money again, though Doll expects a slowdown in the second quarter. But they are not cocky enough to demand big wage increases, which could trigger higher inflation followed by higher interest rates.

In Doll's view, interest rates have already bottomed, but they are likely to rise only incrementally over the next year. But investors who wait to see a distinct upturn in the jobs market before jumping into equities may be too late. At
that point, the Fed will start raising rates in fear that the economy could overheat and bond yields may suddenly offer competition for equities.

Doll noted that in the first quarter, defensive stocks led the markets, and bull markets rarely end with defensive names leading the way.