Specific examples, and current holdings include Vanguard's MSCI Europe ETF ( VGK ), SPDR's Euro STOXX 50 (FEZ) and WisdomTree's International Dividend Fund Ex-Financials (DOO). Disclosure: I am long [[DBL]], [[PDI]], [[HYS]], [[AMLP]], [[VGK]], [[FEZ]], and [[DOO]] but positions may change at any time. Broad Opportunity Set Outside of Government Bonds Source: PIMCO Natural Resources Since the range of potential outcomes in a deleveraging process can be extraordinarily wide, we believe the optimal portfolio should maintain a barbell approach to hedging both inflation and deflation risks.