Kenneth Fisher says 2011 is “likely to be very frustrating for bulls and bears alike”. Fisher says the last few years have been years of betting on beta — broad market and economic trends. In 2011, however, he thinks investors will need to make good “alpha bets” — i.e., pick the right stocks or sectors or countries — to make money. He thinks there will be a lot of volatility, with the broader market ending up a little in the black or a little in the red. He expects that the broader bull market will resume in 2012, however. Right now, material, industrial, consumer discretionary, and energy stocks are among the areas he’s high on.