The macro, or asset-allocation, approach is to place bets on broad categories of assets, such as German bonds or emerging-market stocks.

ECONOMIST: A survey of fund management

"Pre-Lehman, the focus was on asset allocation" and a diversified approach to active management, says London Business School professor Elroy Dimson, who is also head of the Strategy Council for the Norway fund.

WSJ: Supercharging Your Investment Portfolio