Heads up for the personal portfolio - IPE was sold in favor of SDS (the double-weighed inverse version of S&P). This is obviously due to concerns with the current state of the market, which technicals claim broke below the trend line and fundamentals claim is weak due to the dollar, oil, sick financial companies, etc. Therefore, the portfolio is approximately fully hedged right now.
For the managed portfolio, I am considering exposure to discount retailers (WMT) and fast food chains (MCD). WMT is especially attractive with its low (0.02) beta and uncontested status as the leader in the art of discount selling, despite its social "injustices". Both have rallied considerably since December 2007, and are technically at a consolidation phase right now. This adjustment would be made by dumping citigroup and possibly reducing stakes in some other industries (e.g. defense right now is overweighed with both BA and LMT). Obama's (likely) presidency may shake up allocations some more (hence my mention of defense).
