1247 ET - Fed Chairman Warsh's tight-lipped approach to forward guidance presents a challenge for investors, says Toronto-based fixed-income strategist Dustin Reid, of Mackenzie Investments. "Position sizing counts even more when you have the expectation of higher volatility around any event, in this case FOMC," he tells WSJ. The lack of guidance means portfolio managers need to spend more time deciding whether to load up on duration, for instance. Currency hedging also becomes more complex for someone who, like him, sits outside of the U.S.