Wharton Professor and author Jeremy Siegel says that corporate earnings are “extraordinary”, and that he’s never seen stocks selling at such attractive values compared to bonds.

Siegel tells Bloomberg that risk aversion is the highest he’s ever seen in the market. “I’ve never seen such favorable valuations of stocks versus bonds,” he says. “I’ve seen cheaper stocks — we’ve seen stocks [trading at] single-digit P/E ratios. But relative to the bond market, you have to go back to the 1950s to get a similar situation.”

Siegel also says earnings are near their 2007 highs, and notes that the S&P 500 was trading above 1,500 back in ’07. And today, he says, earnings are better quality. In 2007, financial firm earnings were bloated. Now, he says, “we don’t have puffed-up earnings in there.”