Several of my friends are very successful public market investors.  Some of them routinely find opportunities that produce 2x or better returns in liquid assets.  But even they are stumped when it comes to trying to predict how the drama in the financial markets will impact prices.  There appear to be (at least) two competing theories. The first theory holds that the actions by the Fed will continue to push down the US dollar which will result in inflation due to increasing prices for imported goods, starting of course with oil.  The second theory holds that we are already in a recession, the rest of the world will be in a recession and everyone is de-levering, so the demand for commodities and financial assets will contract resulting in a deflation.  There were some variations on these basic story lines, but what all have in common is that my friends – who usually have a lot of conviction – were second guessing themselves as they were talking to me.  That’s what it means to be in uncharted territory.