TOM LEE: In Five Years, I Think The Dow And S&P 500 Will Double

Lee told Bloomberg's Tom Keene on Friday that he expects earnings on the S&P 500 to peak near $190 per share from around $120 today.

He expects earnings growth to be accelerated by a pick up in investment spending, a theme that many economists have been forecasting.

Business equipment has been getting old and companies have the cash to spend. Indeed, spending plans haven't been this high in years.

In recent weeks, volatility has spiked in the markets, bringing the S&P 500 down from 2,019 on September, 19 to 1,862 when Lee spoke to Keene.

A doubling of the S&P 500 means Lee expects it to top out at north of 3,700. That's even more bullish than the long-term bullish calls recently offered by Morgan Stanley's Adam Parker and RBC's Jonathan Golub.

Lee does recognize there are risks out there.

"What could go wrong?" he asked rhetorically in a note to clients on Friday. "In our view, we believe the greatest risk is a spillover into the global economy from the recent financial market dislocations. That is, an unwind of carry trades result in higher Euro-area funding costs then transmitted to US banks as financial stress. However, the offset remains supportive Central Banks that are closely watching. "