For the one-year period ended 2009, equity investors actually beat the S&P 500 through the combined efforts of those who initially panicked and then returned to the market, and those who simply remained steadfastly invested through the turmoil. The returning investors may have done so by sheer optimism; however, one cannot confidently expect such success to persist in the future.

This year's QAIB report examines how investor behavior continues to affect investor returns, and demonstrates that investors may actually be learning from the hard lessons of the past. The report also questions the continued dominance of Modern Portfolio Theory as the cornerstone of investment strategy, and offers alternative approaches for advisors to consider.

Full Version Purchase of the full version includes unlimited rights to use all of the charts and data in a firm's marketing materials, as well as the following information: Analysis of investor returns versus the S&P 500 since the inception of QAIB One-year investor return data since 1990 An explanation of how investor returns are calculated

Adviser Edition Designed specifically to meet the needs of individual advisors, this version includes much of the same information, as well as the rights to redistribute printed versions of the report to clients. This version does not include the rights to replicate or reproduce charts and data elements or the additional report components indicated in the bullet list to the left. Rights to use selected data elements separately.