ICON's Callahan: US market is priced 16 percent below fair value

Craig Callahan, founder and president at the ICON Funds says that the domestic stock market -- despite being at or near record-high levels -- is actually 16 percent below its fair value, and he expects the market to gain more ground over the next year or so as it works to have stocks reach fair-value levels. Callahan adds that he believes the current bull market has a ways to go, potentially five or more years, and says he would stick with top-performing sectors like consumer-disctretionary stocks, technology and financial companies. Also on the show, legendary activist investor Phillip Goldstein from Bulldog Investors talks about the dark potential future he sees for activists in closed-end funds, Leonard Wright discusses AICPA's recent survey showing that children's allowances are up, but their savings rate on that money is alarmingly low, and Todd Rosenbluth of CFRA Research talks ETFs in the Market Call.