David Massart

There may not be a better word than "resilient" to describe the investment environment in the first quarter of 2011. Despite continued economic trouble across Europe, revolts and regime changes throughout North Africa and the Middle East, a devastating earthquake, tsunamis and subsequent nuclear disaster in Japan, oil prices remained elevated, and near $4 per gallon gas prices on average, inves­tors in the U.S. financial markets experienced one of the best first quarters in many years.

Recent news stories regarding the municipal bond market and its impending fiscal crisis have been unnerving and intimidating to many investors. While this is a difficult time for municipalities, the alarming viewpoints in the media are often overblown.

Behavioral finance has become a popular topic amongst the investment community. From the technology bubble of 2000 to the recent financial crisis, the emotions of financial decision making have taken their toll on investors.