May 2013 Intelligent Investor Part 3 Opening Statement

As expected, the U.S. stock market continues to soar. Last month we stated that Dow 15,000 would soon be reached. This is precisely what happened.

We have also been emphasizing the fact that the rise in the stock market has been a reflection of strong earnings growth.

With so many doomsday charlatans focusing on the issues within the economy, many investors who are foolish enough to pay attention to these marketing clowns may have forgotten that a weak economy does not necessarily translate into poor earnings growth.

Moreover, it is becoming painfully obvious that the U.S. stock market no longer serves as an accurate barometer of the U.S. economy.

Despite the numerous economic issues in Europe, as well as the flight of capital from many parts of Asia, we previously pointed out that earnings in the euro zone and Asia remain strong for certain companies in certain industries.