This bull run still has further to go, says Wharton's Jeremy Siegel

Market Sentiment - Despite potential pullbacks and September's historical performance, the bull trend remains intact [2] - The market is not at an all-time high in terms of earnings, especially when considering the "MAG 7" stocks [3] - Upward revisions of earnings suggest a constructive outlook for the market [4][8] - Overall, the sentiment towards the market is positive, but subject to change based on future developments [11] Economic Indicators and Uncertainty - There is significant dispersion in GDP forecasts for the current quarter, ranging from 15% to 35% [8] - The second half of the year holds many questions, particularly regarding tariffs and their impact on consumers [10] - Unrecorded price increases add to the uncertainty surrounding the economic outlook [9] Valuation Metrics - Valuing stocks based on sales can be misleading; earnings are a more important metric [3][5] - Tech companies, particularly the "MAG 7," have high margins due to their business models and globalization [6] - Comparing tech companies to traditional industries like steel or auto companies can provide a misleading view of the market [7] Trade and Tariffs - The tariff development is likely to go to the Supreme Court and potentially back to Congress [4] - The Republican-controlled Senate's stance on tariffs will be a key factor [4][5] - The legality of tariffs and their impact on consumers remain significant concerns [10]