2008 will go down as a seminal year in world history. In the same way that the 1929 crash was the defining event for the decade that followed, the unprecedented events we have experienced in 2008 will be a focus point for many years to come. Whether financial markets and society swallow the bitter medicine of deflation as the antidote to years of wild credit growth, or whether inflation will correct the imbalances, is a question for 2009 and beyond.

Each year we ask our subscribers to grade our performance for the year, from A for outstanding to D for poor. This year's average grade was a C.

We provide commentary on each of our sell recommendations through the course of the year.