Don’t Be A Hero 3

Bragging Rights 3

A Bad Strategy 3

Contrarians Crash in 2007 4

Sectors And Regions 5

Style Super-Tankers 7

Asset Allocation 8

Contrarian Calls For 2008 9

Contrarian now buying UK/US financials 9

Other calls 10

Strategy Outlook 11

Macro Out-takes 13

Regional Strategy 14

Economics 15

Market Outlook 16

Regional Strategy 16

Sector Strategy 16

Risk 16

Market Intelligence 17

Appendix A-1 21

Analyst Certification 21