Several top strategists recently spoke at the CFA Institute Equity Research and Valuation Conference, and The Motley Fool’s Bryan Hinmon and Michael Olsen highlighted a few pieces of advice from these gurus.

One was author and Wharton Profesor Jeremy Siegel, who advised that “stocks are cheap”. Siegel said stocks are trading below average historical valuations, and noted that there has never been a 20-year period where real returns on a diversified U.S. stock portfolio have been negative.

Michael Mauboussin, Legg Mason’s Chief Investment Strategist, talked about the importance of figuring out what is already priced into a stock or the market. “Investing, he says, is a game of expectations, and you make money by sticking to situations where you believe the opportunities are greater than what other investors expect,” Hinmon and Olsen write.

In addition to Siegel and Mauboussin, NYU Stern School of Business Professor Aswath Damodaran and top-performing fund manager Preston Athey also offered their insights. To read the full article click here.