Wells Capital Management’s Jim Paulsen says that, just as investors succumbed to a mania that made technology stocks wildly overvalued in the late 1990s, they now are falling prey to a “new normal” mania that is keeping stocks extremely cheap. Paulsen tells Bloomberg that investors are ignoring the positives about the economy and buying into the notion of the “new normal” — that is, the notion that growth will be slow or non-existent for the foreseeable future. And that, he says, is creating a “tremendous opportunity” in stocks.

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