US stocks have more than doubled in the bull market that began in 2008, supported by a doubling of earnings. John Templeton once said that a bull market is "born on pessimism, grows on skepticism, matures on optimism and dies in euphoria." In our view this bull market is still 'growing on skepticism'. Cautious savers are losing 1% to 2% of purchasing power every year and missing a bull market in stocks.

David Fuller's view This is undoubtedly one of the wisest and most memorable stock market quotes that we will ever see. It is worth printing and posting it where you are likely to see it every time you review the markets.

I think you will be interested in the important graphic in this issue of The Weekly View, along with RiverFront's accompanying commentary.