Diversifing on Style, not Assets

I haven't put new money into investments in a long time. In fact I think the last of my buying spree was mid 09, where I sunk everything I could into the rallying market. Since then it's been strictly withdrawals, and as I approach my lifetime record high debt date this June, Me Inc.'s asset composition might be: 0 marketable securities and a 3 digit cash balance. But then it will all turn around, I'll start earning a salary and I'll have to begin to make some decisions on how I want to maximize my return.

Constraints
There will be a couple constraints I will need to work with first, the big ones being:

• Time - i-banking ain't no 9 to 5.
• Horizon - I'll be house eager before I'm 30.
• Legality - I will be working with businesses in my favorite investment industry, large cap energy; when I'm reviewing targets for selection any shares held in the selection pool biases my analysis. 
• Return - In the short term any investment return needs to outperform my LOC interest rate. If not it's best to just pay down the debt.

Strategy Considerations
Given these constraints I am considering the following strategies:

• Passive equity & passive debt. Asset mix (D/E) rebalanced yearly based on macro expectations.
• Equity MSCI World Index.
• Debt Mix of Corporate Investment Grade and Government.
• Managed Passive
• Equity a mix of index tracking ETF's. Rebalanced throughout the year based on Macro outlook.
• Debt Corporate as boom picks up, shifts to gov as boom turns to bubble building.
• Buy & Hold
• Single Security pick up in non sensitive areas. Value objective with 5 year holding horizon. ETF energy sector.
• Debt selective corporate high yield.
• Use of option strategies to compliment both debt and equity positions.
• Handoff
• As capital builds invest in professionally managed funds (hedge, no mut's).

Expectations
As to which strategy I will choose will be a decision for this winter, but I'm leaning towards the simplicity of Managed Passive, and Handoff some when my investable assets reaches 6 figures.

As of now I have several expectations that I will base my weighting on.

Short Term

• Low yields will continue to favor equity, especially emerging markets
• Debt opportunities available in euro sovereign market.
• Bullish Oil, Bearish LNG, Generally bullish commodities.
• CAD will stay near parity.
• Major indexes will slow-grow through 2011.

Long Term

• China is the next asset bubble. Matched with a political meltdown its a recipe for the next recession
• Precious metal bubble.
• Aggregate buy in on renewable energy from governments, returns will be cushioned by normalizing multiples.
• Increased cross border acquisitions from emerged economies on N/A businesses - resource especially.
• Common currency relationship drags on European economy in the long run, they make it through the current debt crisis.
• China "plus one" nations to be the new investment boon (Vietnam, Cambodia ect), Africa soon to follow.
• Unlikely to significantly surpass S&P500 high of 1550 before 2015. 
• Because of increased awareness to downside protection strategies, next financial crash will be even faster. Possible insurance play: hold long, buy deep in the money puts OR buy far out of the money VIX calls.
• When interest rates are above 4% be sure to have a good debt component and shift towards government. (see graph). (Assuming inflation under control).

 Those are my thoughts for now, I'm looking forward to having money to put it into action come fall.