The election of Barack Obama puts an exclamation point on a year of significant change and economic upheaval.  With the credit crisis pushing an already contracting U.S. economy deeper into recession, investor concerns now extend to how long and far will the economy fall.

Will the recession in the U.S. and most parts of Europe extend to the one bright spot in global growth - emerging markets?  While economic uncertainty abounds, $3.3 trillion of investible capital sits on the sidelines, seemingly waiting for a catalyst to jump back into financial assets.

At the same time, Warren Buffett says valuation levels are the best he's seen them in years.