The Dow Jones Industrial Average is coming off its 29th record close of the year. The finished Monday at its 46th new high of 2014.
Despite Wall Street's winning ways, one market watcher is calling this five-year-plus bull market in stocks the most hated.
Hank Smith, chief investment officer at Haverford Investments, told CNBC's "Squawk Box" on Tuesday that's because "so few investors have actually participated."
"Over the past seven years, you've had some $650 billion coming out of equity mutual funds. And some $1.3 trillion, $1.4 trillion going into bond funds," said Smith, whose firm has $6.5 billion in assets under management.
"Anyone buying a bond fund today is not making a statement of optimism, confidence, exuberance, euphoria," he said. "They're making a statement ... that we are willing to earn next to nothing so we do not to lose money."
Read MoreBond funds get ready to rush to the exits
Under those conditions, he argued, "that is not indicative of any kind of greed or any type of market top here."
Smith thinks this stock rally has legs, though he's not ready to fully commit to a prediction made Monday on "Squawk Box" by Brian Belski, chief investment strategist at BMO Capital Markets, who said stocks are six years into a 20-year bull market.
"Only time will tell," Smith said of Belski's comments. "But there's precedent for it because we did have a very long secular bull market in the 1980s and 1990s. And we could well be looking at that now, provided that we continue this low but steady growth that doesn't create excesses."
Also Tuesday, two other market watchers told CNBC that investors should not expect the stock market to go up in a straight line.
"In 20 years time, the market should be materially higher. But to not suffer a bear market over the next 14 years is improbable," said David Bianco, chief U.S. equity strategist at Deutsche Bank.
He said investors should be patient and wait for pullbacks to put money to work. "We see the market still providing healthy returns over the long-term."
Read MoreTepper to return billions to clients despite loss
Jurrien Timmer, director of global macro at Fidelity Investments, looked at history as a possible guide. "You've got these 20-year secular bull markets and 14-year secular bear markets. It looks like the secular bear market from the 2000s ended about a year and a half ago. If that's the case, then we are going up for maybe much longer."
"But we still have the ... corrections and bear markets like we did in the 1980s and 1990s or the 1950s and 1960s," he continued. "It's just that they are shorter and shallower and then you'll go to new highs quicker."