Expect a good but not a gala time in the current year. A section of the market is optimistic that the current year would present them with better and bigger fishes in their nets. This is already evident in the market outlook pages circulated by fund managers and institutional investors. Truly, they have a reason for being so. With a more stable macroeconomy and fewer tussles in the political horizons, the current year in many ways appears better equipped to invite the investors back to the market.

The Nasdaq is off nearly 77% since the ides of March 2000. Fundamentals have fallen even further as what were once growth opportunities fell squarely into the valuation camp. Speculation that was spiraling out of control has now settled back to levels that make a 25% annual growth rate from here on the ceiling as opposed to the floor. And, most importantly, analysts who were merrily extolling the virtues of the Next Big Thing behind door number one have been downgrading stocks and sectors in a reactionary bid to save face.

Retail investors who can't follow the day-to-day ratings changes are now staring squarely, alone, at door number three. If they have survived the last three years, they have achieved that most august state of being: "Experienced investors." The pundits have told us that this calendar year would end differently. Infact Barton Biggs and Byron Wien have even warned of a double dip recession in the US during 2002. Both these well regarded Wall Street pros are now singing a different song.

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