For 2011, Morgan Stanley's cross-asset strategy team is constructive on risky assets, but views the risk skew as asymmetric to the downside. Morgan Stanley strategists expect the same three pillars - U.S. growth, sovereign debt trouble, and the China/EM story - to influence markets in 2011 as in 2010.

Read Global Debates Playbook: 2011 Outlook - Rebalancing Toward the Positive