During the three-hour climb up rocky switchbacks to the pass, we stomp through several steep spots blanketed in knee-deep snow and ice. (You really feel those 30 pounds shifting around on your back as you try to maintain your balance.) We're forced to detour around one switchback and shimmy up a slick, steep incline of green brush, holding on to plants for leverage--and praying for solid foot positions.

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Atop the pass, a few yards from a rocky memorial to the 19th-century explorer Quinton Mackinnon, is a 2, 600-foot vertical drop.

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On the way down from the pass we must take a steep detour along a rocky, zigzagging, boulder-littered track.

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If that does come to pass, he says it will be a great year for bond fund managers, but a rocky ride for just about everybody else.

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