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He is no longer with us, and the world is poorer for it.

The past year reminded investors that they should hope for the best, prepare for the worst, and be thankful when reality does not match their fears. Investors entered 2011 with hopes that the world economy would continue recovering from a long and painful deleveraging process.

Below is an e-mail distributed to our clients about the results of our Third Annual Client Survey...

Here are the tabulated results of our Third Annual Client Survey. Thank-you for your business and thank-you for your feedback on the survey, if you were able to complete it. Our client base totals 110 and our response rate was a tremendous 55%.

Bill Miller is one of the most closely watched money managers in the industry, so it was big news when he announced his decision last week to step down as portfolio manager of Legg Mason Capital Management Value Trust (LMVTX) early next year. His departure also adds an intriguing chapter to the long-running debate regarding the value of active stock selection.

Ever noticed how gamblers always tell you about their big wins, but tend to keep their even bigger losses close to their chests? People who seek to finesse their entry and exit of financial markets are similar.

The current renewed volatility in financial markets is reviving unwelcome feelings among many investors—feelings of anxiety, fear, and a sense of powerlessness. These are completely natural responses. Acting on those emotions, though, can end up doing us more harm than good.

Last week we came across an "Economic and Policy Watch" update prepared by a major investment bank that reviewed recent government proposals to address the nation's funding crisis.

February 2009 turned out to be the low point in the most recent economic downturn. Last year, we blogged about where we were one year after the market low (click here for the March 31, 2010 blog entry). With February 2011 return numbers now behind us, let us share with you where we are two years after the February 2009 bottom.

The 2008 global market crisis and the struggling economy have left many investors fatigued. Despite two years of strong equity returns, some investors have been slow to regain market confidence. Many are accepting the talk about a “new normal” in which stocks offer lower returns in the future. [1]

The past year offered an interesting mix of positive and negative news as investors around the world eagerly anticipated signs of economic recovery and financial stabilization. While most financial markets logged positive returns for a second straight year, investors had to endure a host of troubling news and pessimistic market predictions.