Bonds and cash are making negative real returns after inflation and taxes. Stocks have tanked, and are basically flat over the last 10 years. Real estate is in the toilet. Commodities have just had a huge correction. It seems to me that the typical buy & hold investor has got royally shafted, and there is no reliable avenue to turn to. Even stockpicking and value investing has hit the skids, although they will both pick up and do well once the bear is over. Now if we look at the approaches that are often frowned upon by conventional wisdom, they are all doing really well: Short selling - a cornucopia of opportunities in the last 2 years. Long/short equity - plenty of opportunities to add value in recent years Position trading/global macro - best trading environment for years Daytrading - plenty of volatility and action intraday Swing trading - again, plenty of moves I feel really sorry for the typical amateur investors, they really have nowhere sensible to turn. It seems only traders can make money nowadays.