After a dismal 2008 that bordered on tragic, 2009 was a year of recovery and what a recovery it was in terms of asset prices. Bonds and stocks surged after March 9th and have generated one of the strongest market rallies in history. We were not surprised by the direction of the market this year but the absolute returns were surprising due to what we believe is a recovery that has not oven itself to be self-sustaining. For the year stocks were up across the board. The S&P 500 finished the year up 26% while stocks from developed international markets were up 32%. In the US, Mid  Cap stocks led the way up 40% while emerging markets were the strongest market of all up 79%. Bonds were no slouch themselves with the Barclays US Aggregate up approximately 6%. Spreads declined dramatically from disaster scenario levels and pushed high quality corporate bonds up 13% and high yield up 44%.