Some markets have been exhibiting dysfunctions for nearly 4 years. The flight to liquidity and compliance with solvency requirements of banks and states with financial issues, have been - and still is - only ensured by non-conventional financing provisions and emergency solutions with the creation ad-hoc structures.

The recent sharp rise in long-term rates in Europe relies on a risk pooling across peripheral countries and the entire euro zone. But we cannot yet talk about bond crash.

It did not pay to be a contrarian in 2010. Will that be different in 2011?

The fund has seen over $700 million in inflows year to date...

Will it be better to invest in equities or bonds in 2011?