Gazebo, a San Mateo, Calif.-based financial products company, has developed a product that will provide investors with a way to invest in bigger-picture, news-related issues, rather than individual stocks.

"This is an alternative way to build a portfolio in this crazy market," said Laurie Conner, president of Gazebo. "A portfolio manager may not want, or be able to, short [the market] or buy puts or derivative futures. Going bearish without going short is really the key, so far, for institutions."

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