Diversification proved largely futile in 2008, as assets across the board came crashing down. But the right combination of hedges and ’safe havens’ can still return big profits, says Eric Roseman. He gives three investments that every portfolio should include in 2009.

Given the implicit government guarantees, Eric Roseman says it is likely that investors will soon start to switch from low-yielding Treasury bonds to high-grade corporate debt. The Fed’s balance sheet is now polluted by the toxic debt it has taken on from banks. And demand for Treasuries will not keep pace with the deluge of supply in the coming year. Eric says this could make investment grade corporate debt the new safe haven in bonds in 2009.

Swings in commodity prices are often exaggerated in both directions, says Eric Roseman. And that’s exactly what we have seen with crude oil prices this year. But Eric says most of the destruction in demand is now priced in. But long-term supply will still be tight. That’s why we should be near the bottom of the oil cycle, with potentially massive gains for investors that by now.

Income is vital for investors right now, says Eric Roseman. He says investors should begin to accumulate long-term positions in “busted” credit markets. Investment-grade corporate debt currently offers great yields and, in some cases, is government-guaranteed. These bonds may not have bottomed out yet, but now is the perfect time for value investors to test the waters.

It’s inflation or die for global central banks, says Eric Roseman. The market is pricing in a deep recession and a stretch of deflation. But in the coming year, these desperate reflation policies will work. And when they does, inflation-hedging hard assets will soar. Eric says this makes now the perfect time to accumulate gold.

Despite signs that several segments of credit continue to improve, namely in the mortgage-backed and investment grade corporate bond market, the rest of the complex remains hostage to nervous money and the accelerated flight to safety in December.

Reckless government spending has already put the US taxpayer on the hook for trillions of dollars, says Eric Roseman. And there is no telling how many more bailouts and loans are to come. Eric says gold will emerge as a surrogate currency as the Fed prints the US dollar into oblivion. And that means a sharp return to its long-term bull run.

Eric Roseman says none of the “big three” automakers deserves a bailout. Even if they get one, it will only delay their inevitable bankruptcy. Letting Detroit go under will be painful. But Eric says that is better than wasting more taxpayers’ money. And it could help restore some confidence among investors.

Weak auctions for government bonds strengthen the case to buy high-grade corporate paper, says Eric Roseman. Many of the world’s top companies have stronger balance sheets than governments. And the coming tidal wave of T-bonds means corporate bond yields may never be this high again.

Stock market volatility continues to shock most market participants this fall with enormous swings occurring almost daily. Last Thursday, the Dow was down almost 300 points at its worst levels only to recover with a massive 552-point gain. That’s an incredible 850-point turnaround in the span of just four hours of trading.