Agonies, Ecstasies in Stocks for 2006

For all of the complexity that appears to underpin investing, very often success is a matter of simply mastering the art of the obvious. The big trends that made a lot of money over the past year were so clear, in fact, that it's a wonder we aren't all billionaires already.

It was plain as day, was it not, that shares of larger companies were due for a recovery in 2006 after six and a half years of bullying by the shares of smaller companies? That the price of oil would collapse after peaking three times at around $75 by midyear? That shares of homebuilders and banks would rally in celebration once the Federal Reserve stopped its campaign of raising interest rates this summer?

Sheesh, come on: Where's your Porsche? ...