Forbes columnist and money manager Kenneth Fisher says that we’re in the midst of a “V”-shaped recovery — one that will run for at least a year, meaning that we’re only halfway through the rally, at most. Fisher tells Yahoo! TechTicker that we are still in a “reverse bubble” — a period of pervasive, overdone pessimism that pushes stocks down way too far. He contends that stocks were actually cheap on a global basis compared to long-term interest rates, and that, while bear markets begin because of fundamentals, in their latter stages they are “nothing but panic”.

In another segment of the interview, Fisher offers an extremely contrarian view on debt, contending that the U.S. is actually under-indebted — not overleveraged — and says we’ll see higher levels of debt in the future.