The ability of the world economy and capital markets to recover from severe economic shocks was sorely tested over the past year as some of the more dramatic events in recent history unfolded. These events, which led to the first global recession since World War II, uncovered weaknesses throughout our financial system and economy. The 17-month period ending in March 2009 was the most painful market decline in two generations. However, this was followed by the sharpest market rally since 1938. Despite problems that still need to be resolved, this recovery stands as a testament to the resilience of the most successful economic system the world has known.