What is your outlook for bonds in 2010? James: We like short-term fixed income for non-economic reasons, specifically preservation of capital. Our models do not forecast interest rates so any response I give would simply be a personal opinion. As I said before, I look beyond one-year time horizons and that view doesn't look favorable for the long bond. In comparison, I was 50% invested in very long-term, non-callable bonds during the '80s. What are your favorite foreign country ETFs? James: Currently, our biggest foreign holdings are in the iShares MSCI South Korea ETF ( EWY), iShares MSCI Canada ETF ( EWC) and the iShares MSCI Brazil ETF ( EWZ). We especially like resource-rich South American countries. -- Reported by Gregg Greenberg in New York.