With gold (Peter Brandt) and materials (Chess) in deep trouble, the time to look around has arrived.  Stock market leadership has narrowed marketly.  I have long considered the consumer dividend plays richly priced.  Europe is a mess and the industrials need Chinese growth to accelerate.  U.S. small caps?  Relative U.S. economic strength is not providing investment opportunites.

So I am going to start by thinking about the very big picture and Bill Gross.

A bit on Uranium for Paul: