I never fail to read Hussman's weekly analysis, because like most fund managers, he is well educated, intelligent and rational. Hussman is therefore a very good representative of the funds' way of thinking.
http://hussmanfunds.com/wmc/wmc121217.htm
Because of his education and long experience of "good common sense" investing, he is fully hedged, most probably like most fund managers. This means that funds are not expected to loose much money this year, but will not gain any either.
However, they will continue charging "1% - 20%" and hence will slowly force their customers to pull out their funds, because with low level of interest rates and the perception of high risk levels, it is almost mathematically impossible for traditional funds to justify their management fees.
To earn good revenue in the present market-repression-conditions, you'd need to be an "out of the box" thinker like Hugh Hendry.
I'd be happy to hear any "out of the box" investment suggestions for 2013.
Pascal