Rosenberg investing themes du jour

Today:

• Gold and silver
• Energy exposure, especially oil and the drillers
• Canadian dollar denominated corporate bonds
• Hybrids with oil/gas paper content and a running yield that exceeds U.S. Treasuries
• Hedge funds that hedge — relative value trades
• Emerging debt and equity markets, selectively — value has opened up recently
• Japanese equities for value too ... recession is already priced in • Staples over cyclicals; strong balance sheets over weak; large caps over
• small caps
• Various muni bonds — states in areas where the economic base is linked to energy and food such as Texas, Kansas, Iowa, and Missouri — what Meredith Whitney dubs “the emerging markets of the U.S.A.”