ACKNOWLEDGMENTS

Initially, when approached about doing a second edition of this book, I thought, “Why?” I like old investment books. You can learn tons from them—they tell you lots about what impacted people at a point in time, how they thought and why that’s evolved. Then, too, I felt this book sufficiently evergreen that readers could still get something material out of the original 2007 version.

I still believe that, but there’s a ton of data and graphs in this book. And what was interesting in updating them was how well they held up overall. After all, the past five years were far from dull. (Then again, I defy anyone to find any five-year span in capital markets that was dull. People tend to see the now and recent past as radically new and different—a common error I address in my 2011 book Markets Never Forget.) As I write in late 2011, we are now nearly three years from the bottom of a historically big bear market. And yet, the Three Questions are as valid as ever, as the updated graphs, data and commentary will show.

Once again, I pulled Lara Hoffmans from her other duties to assist me in doing first-round edits and overseeing the big task of updating data and graphs. Lara is managing editor of my firm’s webzine MarketMinder and oversees a team responsible for creating client-facing content. Filling in for her while she was otherwise occupied on this task was her team of terrific writers: Todd Bliman, Amanda Williams, Elisabeth Dellinger and Naj Srinivas. Backing up Lara in other unaccountable ways are the other members of her team, Fab Ornani (whose web savvy I appreciate immeasurably), Molly Lienesch, Collin Smith, Jake Gamble, Evelyn Chea, Kris Bullard, Thomas McEnany, Cianne McGeough, Thomas Perez and Leila Amiri, all under the guidance of Group Vice President David Eckerly.

Doing the heavy-lifting grunt work of running down all the data and updating graphs were Danielle Lynch and Jessica Wolfe. Both have contributed to books I’ve written in the past, and I appreciate their diligence, attention to detail and great patience with our requests to check, check and check again the data. Matt Schrader, head of my firm’s Research Analytics and Production team does a great job, too, of ensuring data for this book (and for my firm) are as accurate as can be.

My team at Wiley also deserves special thanks, particularly Laura Walsh who is, as always, very professional and patient.

Updating a book is nowhere near as time consuming as writing a new one, particularly when I’m fortunate to have as talented a supporting cast as anyone in the publishing world. Assisting me as always in the business of my firm, whether I’m writing a book or not, are co-presidents Steve Triplett and Damian Ornani. Assisting in the management of my firm’s portfolios are Vice Chairmen Jeff Silk and Andrew Teufel, along with William Glaser and Aaron Anderson. This group forms the smartest group of gentlemen I’ve ever had the pleasure of working with.

Though not instrumental in this second edition, the first edition would not be what it had been (and not be worthy of an update) without Jennifer Chou, Elizabeth Anathan, Jill Hitchcock, Greg Miramontes, David Watts, Pierson Clair, Thomas Grüner and Justin Arbuckle. Meir Statman (the Glen Klimek Professor of Finance at Santa Clara University) and Grover Wickersham also provided welcomed feedback on the first edition. Some I agreed with, some I didn’t. But either way, the book was and is better for their input. And I must also thank David Pugh from Wiley, who edited this book the first time, and Jeff Herman, my agent, who first suggested seven years ago that I ought to think about doing another book.

And, finally, I must thank my wife, Sherrilyn—whose immense patience and love through the years have made our life’s work possible.