Today the internet, newspapers and TV will be full of stories marking the one year anniversary of the US stock market (as measured by the S&P 500) reaching its low point.

We’ll hear that the index is 68% higher today than it was 12 months ago. Hooray for investors! – maybe. The pros/cons of market-timing are well documented and not the point of today’s rant.

The thought du jour is about anniversaries and, specifically, anniversary gifts. No, we’re not talking about the type you run out to buy at the last minute so your significant other doesn’t burn you in effigy. We’re talking about the thoughtful kind of gift – one that costs little but means a great deal.

And so today we give the gift of knowledge – a reminder that 3/9/09 shows us not the “right” or “wrong” time to buy/sell stocks. Instead the 68% opportunity cost of the past year shows us what happens when we panic.

Investing isn’t about feeling good. In fact it isn’t about feeling. Effective investing is free from emotion. It’s cold and heartless.

Cold and heartless? Some anniversary gift!