bear 2008 vs 2002

What worked in 2002:
value - financials
REIT
health care
Cargill ESOP
small caps
emerging markets beat out developing markets
usual suspects...bonds, MM, even junk bonds made money

What happened? Coming out of the dot com years, financials and real estate accelerated into bubble2. In 2008, nothing escapes except treasuries. David Swenson nailed it. In times of crisis, everyone flocks to the US.