January 26, 2009

The question is what is an investor to do in such an environment? It is clear that the uncertainty will lead to an increase in volatility that, in turn, will increase the cost of hedging and insurance. In addition, the likely changes in policy direction cause swings in the returns of the sectors affected by the policy changes. For those who anticipate these changes or those who want to protect their portfolios, there are two alternative paths they may take.

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