Doom Doom and Doom Report.
He's feeling gloomy [pdf] and thinks that for the next six months cash is the best place to be. His view is that as the US Fed raises it's key rate to possibly 5% to head off rising inflation, consumer spending and corporate profits will suffer. As a result, asset markets in the US will also suffer and this will likely ripple through to other parts of the world, especially since China also appears to be slowing down.
Longer term however, he likes Asia, which has been generally his focus for a while.