The following essays by The Deal's editors, senior writers and reporters collectively capture the frenzied activity, challenges, struggles, scandals and successes that made 2003 a pivotal year:

• "Summoning the animal spirits," by Kenneth Klee, takes notice of 2003's hostile offers in summing up the state of M&A.
• "Elusive optimism," by Olaf de Senerpont Domis, taps into the psyche of technology dealmakers who are sizing up a recovery and specific industry demand.
• "Frank's fate is not the Valley's," by Joshua Jaffe, paints a picture of the technology investment banking world without legendary figure Frank Quattrone.
• "PE goes AC/DC," by Claire Poole, looks at the private equity money going into the battered energy sector.
• "Happy days," by Matt Miller, maintains that the bankruptcy storm may be passing but it is far from over.
• "Finding kicks on Route .66," by David Carey, questions the financing structures of recent leverage buyouts.
• "Ted on arrival," by Lou Whiteman, takes stock of the effects low-cost carriers are having on the airline industry.
• "BIG bad for Brewster," by Richard Morgan, profiles the downfall of Gruner + Jahr's Dan Brewster in the midst of a publishing recession.
• "The duelists," by Jaret Seiberg, examines instances when companies challenged antitrust enforcers over the past decade and draws interesting conclusions.
• "One brick at a time," by Andrew Bulkeley, takes a look at restructuring activity that is overshadowing the German banking industry.
• "Higher hurdles," by Vyvyan Tenorio, reviews the returns of the late 1990s venture funds.
• "The Hub no longer," by Peter Moreira, deciphers the Boston business environment in the aftermath of Bank of America's acquisition of Fleet, the last truly independent Boston commercial bank.
• "Selling, not buying," by Andrew Morse, points to a new trend in dealmaking among the big pharmaceutical companies in the era after the massive Pfizer - Pharmacia merger.
• "No connection," by Chris Nolter, provides an analysis on the long-delayed merger between AT&T and BellSouth.
• "The way out," by Kelly Holman, looks at the private equity firms long-awaited opportunities to cash out of their middle-market investments.
• "Cardinals, fruit flies and the mouse," by David Marcus, focuses on three cases with distinct outcome that were the highlights of the Delaware courts this year.
• "Pause for cause," by Dennis Fitzgerald and Heidi Moore, provides items on the Wall Street movers and shakers who contributed to philanthropic causes this year.

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