Another alternative is a sequence of so- called "corrections" (mini-crashes) continuing with 2 speed economies emerging. That's why I prefer certain small=caps with something to offer over some of the tired old elephants that falsely imply investor safety.
Nobody can predict the time or the place (tongue-in-cheek punts aside). That said I have my eye on emerging market risks with sovereign default risk being part of the bag that could lead to a banking freeze which in turn would lead to market collapses.
On the local scene today's AFR re quotes UBS a dire scenario concerning our debt bomb.
"UBS has unveiled a new worst-case scenario for the Australian economy including the first recession in 27 years, a 30 per cent collapse in house prices and widespread litigation against the banks for mortgage mis-selling."
