(FORTUNE Magazine) – CHUCK CLOUGH

Then: The long-time chief strategist at Merrill Lynch pained the firm's army of brokers by consistently urging caution. He quit in 1999 to "make a lifestyle change."

Now: Through Clough Capital Partners, he manages roughly $1 billion in closed-end funds. As an ordained deacon of the Catholic church in Boston, he also marries couples and baptizes babies.

MICHAEL METZ

Then: Resolutely bearish, Oppenheimer's renowned chief strategist gave up his title and returned to portfolio management in 1998. He said he was "tired of being wrong."

Now: In 2003, after a year of retirement, Metz (who is now 76) was rehired by Oppenheimer as chief investment strategist. His current market outlook? "No great upside."

ROBERT SANBORN

Then: The diehard value investor stuck to his guns as his Oakmark fund fell 10.5% in 1999. But investors pulled out billions, and he was relieved of his job in early 2000.

Now: Sanborn co-founded a value-oriented hedge fund named Elkhorn shortly after leaving Oakmark. The $280 million fund has averaged a 9.3% annual return over the past four years.

DAVID SHULMAN

Then: The bearish chief strategist at Salomon Brothers was snubbed when Salomon merged with Smith Barney. He left and ended up at Lehman Brothers analyzing REITs.

Now: Shulman preached caution during 2003 and 2004 even as the REIT sector returned better than 30% each year. In February he said he was retiring to focus on teaching. --Corey Hajim