In 2011 I was essentially in cash and low yield bonds. The last week of December I moved to two thirds equities and one third low yield bonds. My portfolio is up 11% in less than 2 months. I believe the market has the European calamity already priced in and I believe any large institution already knows what they will do if Greece falls on it's face. I feel sure they've also factored in further trouble in Spain and Italy.