The past year has been difficult for all participants in the economy. Investment portfolios and home prices suffered significant declines and many people lost their jobs or had their hours reduced significantly. The stock market reacted to the severe financial shocks of September and October 2008 by pricing to discount a second coming of the Great Depression. As discussed in our Investment Strategies earlier this year, we did not believe that such an extreme outcome was likely. As intense fear scared less disciplined investors out of the market, the more likely outcome was a once in a generation buying opportunity. In particular, our April Investment Strategy discussed the importance of staying invested in order to participate in the tremendous recovery that lay ahead.