Fixed Income

The easy answer is anything with duration. Government bonds, coming off of these very low levels, it's going to be a bumpy ride. Growth stocks, the things that have done so well over the past ten years, i do think that those will come under pressure or remain under pressure in the short to medium term. History suggests that highly imperfectly hedge against inflation and interest rate rises. Commodities have done very well recently but investors still need to be very careful about that.