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2009 is a year that inspired a number of quotes but is probably best captured through the lens of some well-known perspectives from the past.

"It was the best of times, it was the worst of times, it was the age of wisdom, it was the age of foolishness." - Charles Dickins (1812 -1870)

Coming off the landslide of ill-will and pessimism that wreaked havoc upon the end of 2008 and the beginning of 2009 it was easy to find reasons for dwelling on the failings of the financial markets. Indeed, there is justification for revisiting the past.

"Those who cannot remember the past are condemned to repeat it." – George Santanaya (1863 – 1952)

Embracing the view that our markets are a revolving door of boom and bust cycles is typically a comfortable undertaking only with the benefit of time – preferably during a boom. It's easy to think that your chips should have been pushed to the middle of the table in March of 2009, but it's much easier done once you have some sense of assurance that March was indeed the low (was it?).

Unfortunately, even with the benefit of hindsight and its accompanying wisdom, most investors sell at the bottom and buy back in only when it appears that everything is going to come out smelling like roses (i.e. the top).

"Often, the less there is to justify a traditional custom, the harder it is to get rid of it." - Samuel Clemens (1835 – 1910)

There is ample evidence that investors should become pessimists when things are "good" and optimistic when things go "bad" – but we the people, evidence notwithstanding, apparently aren't able to grasp this concept.

Is it solely the fault of the investing public or does some of the blame go to the corporations that offer investment products and advice? Is it your fault if you continue to believe in the expertise of a financial firm that nearly went belly-up before selling out to a bank that we as tax-payers had to then prop up to the tune of $45 billion?

"There's a sucker born every minute." P.T. Barnum (1810 – 1891)

"Most mutual funds aren't worth the cost of their free prospectuses." Me (1968 - ??)

"Insanity is doing the same thing over and over again but expecting different results." Rita Mae Brown (1944 - ??)

In the larger scheme of things what happened in 2009 isn't all that surprising. We can't live in the past but we need to heed its lessons. We also need to reexamine who we trust – and why we trust them. Finally, if we want different results we have to change our methods or we'll all find ourselves saying, "I didn't have a plan but this wasn't it."

Marshall J. Cobb, CRSP, is president and founder of Cobb Retirement Solutions, LLC., an independent, fee-only firm offering qualified plan analysis and oversight exclusively to corporations and organizations. Cobb's first-hand knowledge as a veteran representative of retirement plan vendors beginning in 1990 gives him a unique perspective as he advises his clients. Cobb runs his office -- based in Houston, Texas -- with employees and clients across the country.

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