"At particular risk near-term, in our view, are Ford and its largest supplier, Visteon," he wrote in a report Monday.

He said that "the related market environment continues to improve, thereby reducing the near-term fundamental risk to bonds."

"We want to make sure the market understands that we are facing some significant near-term risks."

In addition, there is a substantial near-term risk of mortality, which many physicians and patients consider excessive.

With the recently announced moratorium on vendor payments, Macy has jeopardized those relationships, substantially increasing near-term risks.

Chrysler carries higher near-term risk, he said, "but it may still have the greatest potential for appreciation over the next 12 to 24 months."

This should help ease investor fears about inflation as a near-term risk.

Two stocks for the coming decade are Alza and Upjohn, although the P/E's are still high, leading to near-term risk.

We have more chance of banning space weapons than we do of banning nanotechnology, and this might even be the best way to minimize our near-term risks.

The report was taken as further evidence that the near-term risk of worrisome inflation was rapidly disappearing, even as economic activity appeared to firm.