Well, it's 2009 and we're all still here.

In the past month, we've seen markets actually move higher, despite the horrific headlines and the carnage of trailing performance reports.

I expect that we'll see lots of bad news for at least the first six months of 2009, but remember, the stock markets discount the future, not the past. So if valuations in markets reflect reality 18 months in advance, then we may well see returns for smart money, early movers this year.

I like this phase of the market because rampant fear will keep the sheep in the barn, meaning that we have time to vet new deals and buy selectively.

When you look at the amount of cash now on the sidelines, as well as the tidal wave of monetary stimulus forming up as governments around the world announce massive programs, the potential for a strong Bull market already exists.

So let the bad headlines play large. I'll let the markets do the real talking.

Check out my latest podcast on this subject here:

Happy New Year, Blake