给你一些明年的投资建议

MICHAEL JOYCE: I think that there is probably a wider range of potential outcomes for the economy and the markets than perhaps we've seen in a long, long time. And we need to be prepared for all different scenarios.
乔伊斯(MICHAEL JOYCE)：我认为，经济和市场可能遭受的潜在后果范围或许超过我们很久以来所看到的范围。我们需要为各种不同的情况做好准备。

In the economic and financial downturn, there was a lot of criticism that there was lack of imagination on what could go wrong. We need to guard against a lack of imagination on not only what could go wrong, but also what could go right in this environment.
在经济和金融低迷期间，很多人批评说，人们对可能出现的问题缺乏想像。我们不仅要防范对可能错误的操作估计不足，还要防范在这种环境下对可能正确的操作估计不足。

So not having a silver bullet, we are focusing on staying diversified across a broad level of asset classes, both those which have done well and haven't done so well, and to focus on quality. What has done best since March have been, in general, the lowest-quality types of investments. And certainly in the U.S. equities markets, companies that have good balance sheets, pay strong dividends and have the ability to increase their dividends over time have really been laggards in the market.
所以在没有良方的情况下，我们要专注于在广泛的资产类别中保持投资的多样 M不仅是表现良好的投资，还包括表现不尽如人意的投资，要专注于质量。总的来说，3月份以来表现最好的是质量级别最低的投资。显然在美国股市，拥有良好资产负债状况、支付高额股息、有能力逐步增加派息的企业的确成了市场上的落伍者。

THOMAS ORECCHIO: With a lot of new products coming on the market, we're exploring those products and the innovative financial engineering that's occurring for ways to protect the downside of the portfolio and improve diversification.
奥奇欧(THOMAS ORECCHIO)：随着市场上推出了很多新产品，我们开始探索这些产品以及创新性的金融设计，以便弥补投资组合的不利方面，提高投资多样性。

We all know that uncorrelated assets are the Holy Grail; they are hard to find, especially in an environment like last year, but they do exist. And I think we need to do a better job as an investment and planning community to seek out those types of investments for our clients.
我们都知道，非相关的资产是可遇而不可求的；这类资产很难找到，特别是在像去年那样的环境下，不过它们确实存在。我认为，我们作为投资和策划公司需要做得更好，为我们的客户寻找这类投资。

RICHARD L. BELLMER: I think the thing that's interesting is that we've had a lot of discussions as it relates to markets and how clients feel about risk. So there have been some changes as far as the allocation is concerned.
贝尔默(RICHARD L. BELLMER)：我认为，有趣的是我们已经进行了大量有关市场和客户对风险感想的讨论。因此，在资产配置方面，已经作出了一定的改变。