Although it does pertain to the US, Alan Greenspan thinks basically the same about the US stock market as Brian Gaynor thinks about the NZ one. He [Greenspan] considers US stocks are still cheap (based on historical metrics) and the current lift in the markets over there is far from the irrational exuberance that was seen during the dotcom and previous share market excesses. Given our markets tend to broadly follow the US markets, I find that very interesting.
http://www.cnbc.com/id/100556999
It would appear to me that those who have brought into US stocks (the good companies that is) between 2009-2012 have had a once in a generation opportunity to make some serious wealth going forward.