Sir John Templeton is reputed to have once remarked that bull markets are born in pessimism, grow on skepticism, mature on optimism and die of euphoria. I don't know if he actually said that, since I've never seen it documented, but it sounds like him. And if he didn't say it, he should have, and I will give him credit for it anyway.
This bull market was born in the pessimism gripping the investment world after three years of declines, recession, bankruptcies and corporate scandals. The broad bottom was made in the summer of 2002, with a further intermediate bottom in...
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