As the historic market collapse felled many investors, a handful set themselves apart by scoring big profits.
Now, several of these money managers expect more bad times ahead, including struggles for consumers, limp earnings and a possible surge of inflation.
They also see pockets of opportunity.
George Soros is bullish on China, India and Brazil. John Paulson is investing in distressed debt, residential mortgages, even companies in bankruptcy proceedings. Alan Fournier, a lesser-known investor with a strong track record, likes some health-care shares, while James Melcher, also successful lately, likes corporate bonds.
"We're trying to make hay while the sun's still shining," says Mr. Fournier, who runs $2.8 billion Pennant Capital. "Maybe we can rally through the summer, perhaps for another year, but there are a lot of difficult issues that we're going to have to deal with."
Mr. Soros is just as wary. The renowned 78-year-old investor and philanthropist calls the current terrain a "trading market," saying in a recent interview that investors should take profits when shares surge, even
