Lessons From The Crash: As economists and money managers take stock of the past year, some new rules have emerged

摘要

IT'S NOT THE KIND OF anniversary most of us will celebrate with bubbly. In fact, plenty of investors have spent the better part of a year trying to forget the series of events last fall that nearly brought the financial system to its knees and wrecked portfolios everywhere. Strategists, while cautious given the staggering deficit and billions in government spending, are becoming more optimistic. For instance, Bob Doll, global chief investment officer of equities at the $1.3 trillion asset manager BlackRock, expects a choppy market with slow but steady improvements. "I think we're in for a soggier-than-usual recovery," he says. Clearly, the level of optimism varies among economists and investment managers, but regardless of their take, the pros are asking the same question: What have we learned, and what should we do differently?