What the interest rate gods giveth in January, they taketh away in February. The S&P rebounded to new highs, and we're even breaking through Nasdaq 5,000 again—just like we did in March, 2000! The reality of fabulous tech earnings growth finally caught up with NASDAQ prices of 15 years ago. 

Another year is in the can, and what a year it was. On the surface, 2014 was a great one: the economy ended on a high note and the U.S. stock market shook off a late-year slide to post a 13.51% 12-month return. This on top of the bond market's near 6% gain (and 2014 was supposed to be the year of the great bond collapse). How could an investor perform poorly in such an environment? All too easily, it turns out.

The U.S. stock market, fueled at least partially by (what now seems like) permanently low interest rates and a lack of investment opportunity abroad, is on to new highs again. The strange thing is that oil is plunging, non-U.S. economies are weak, and recent Black Friday sales were lackluster. You'd almost think we were in another global recession. 

And poof it was gone. So much for our stock market correction, which abruptly reversed course a mere month after its start and before it became a 10% "correction" (at least for U.S. stocks). The recovery was slightly faster than the drop, and as of now has taken the stock market a tad higher than the previous peak of September 18th.