The notion of having a couple of 25% back-to-back years is something that would shock most people. And we still have a world where most investors over the recent years have been lightening up on equities. Overall, the notion that it's actually maybe the middle of a bull market, and there's a lot ahead - that's a really impossible concept for most people to get.
I've got this part of me that's a big fan of John Templeton's line that 'bull markets are born on pessimism, grow on skepticism, mature on optimism and die on euphoria,' and I think we're kind of at the point in time where we have one foot in skepticism and one foot in optimism, and we haven't finished straddling that transition.
~ Ken Fisher, interview on Bloomberg TV, June 21, 2013