1. Outperformance of Asia, especially the impact of China's investors on Hong Kong;
2. Scarcity of water resources world wide and need for infrastructure development;
3. Within the U.S., outperformance of large cap issues relative to small cap;
4. Housing and banks as weak sectors in the U.S., with spillover to consumer discretionary areas, including some retail;
5. Weak dollar themes, including strong oil/energy, gold, and raw materials;
6. Growth among emerging economies, leading to increased demand for foodstuffs and inflation among agricultural commodities and related products;
7. A structural shift toward increased volatility among financial markets following historic low volatility, with heightened correlation of returns among asset classes during alternating periods of (liquidity/illiquidity-driven) risk seeking and risk aversion.