Investors are witnessing the second leg of the bull market, and stocks likely have eight to 10 more years to grow, closely followed strategist Jeff Saut told CNBC on Tuesday.
"The second leg is usually the longest and the strongest. That's where earnings start to come on stronger and the economy improves. I think that's where we are now," said Saut, Raymond James' chief investment strategist.
"I think this market's got another seven, eight, nine, 10 years left in it," Saut told "Squawk Box."
The current bull market is 8 years old, the second longest advance in S&P 500 since World War II without at least a 20 percent drop.
Stock futures were mixed on Tuesday, one day after U.S. equities closed at record highs. The Dow Jones industrial average has closed at a record high 57 times this year, while the S&P 500 has closed at a record high 52 times.
Saut said sentiment surrounding the market's run higher has been negative, but he added that usually by the third leg people "throw in the towel and get bullish."
He says risks to the market include geopolitical events or policy mistakes in D.C.
Glenmede strategist Jason Pride, however, told "Squawk Box" that the market is at a point where investors should begin to become "nervous."
"We do see valuations as a little bit stretched in the equity marketplace. But at the same time, we're at a point in the economic cycle where we're probably hitting that last stride that could actually last for quite a long period," said Pride, Glenmede's director of investment strategy.