But in most cases, I think I have a better chance at limiting risk (and ideally boosting returns) by sticking with open-end bond funds like DoubleLine Core Fixed Income (DLFNX), DoubleLine Total Return (DLTNX), Thompson Bond (THOPX), PIMCO Income (PONDX), and PIMCO Foreign Bond US Hedged (PFODX).

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We still own Japanese debt, but we have hedged the currency exposure of our entire Japanese government bond position.

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In repositioning their assets, the M100 took a marginally bullish though heavily hedged stance, pouring cash into both the iShares Lehman 10-20 Year Treasury Bond and, to a lesser degree, into Ultra Industrials ProShares, and ETF that moves at a rate double the amount of change in the Dow Jones U.S. Industrials index.

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