Before we begin to discuss our outlook for the upcoming year, we feel it’s appropriate to take a step back and evaluate where we are, where we’ve come from, and where we are going. It has been over 7 years since Lehman brothers collapsed. While the S&P 500 has appreciated 97% (or 9.8% annualized) since that day, the market has experienced fits and starts. Looking back over this time period there have been many reasons not to be invested in the stock market.