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."
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.