Obviously the odds of success on the short side are very poor nowadays.  One area I was hoping to use as a hedge was the underperformance in China (5th worst index in the world in Q1 2010), via a short of Morgan Stanley China A Shares Fund (CAF).  But even that has now reversed, and it's time to cover - all bear hideouts are being smoked out.  I only had a 1.5% allocation since have any shorts on is harmful to your health, but I'm taking a 7% loss.... strongly considering turning this around and going long as I like this sort of setup....

No position