I intend to make some significant changes to the no pain, no gain portfolio. The new year provides an ideal opportunity for such an exercise which will, I hope, allow my little collection of shares to face the vicissitudes that probably lie ahead.  Progress in the past year was not as strong as I had hoped. True, profits moved ahead. But the advance should have been more compelling. Perhaps some ins and outs will have the desired impact.  My guess is that shares will again make headway this year although the going is likely to be exceedingly tough. The Footsie index could, I believe, close 2011 at around 6,300 points. attempting to predict is always a hazardous exercise and the observation that there are only two kinds of forecaster - those who don't know and those who don't know they don't know - is never far away. Many believe that attempting to predict Footsie's level in 12 months' time is a waste of time (and space). Still, its an exercise I have attempted, with varied success, for many years and I do not see any reason to switch off now.  The economic outlook is not encouraging, with consumer spending under increasing pressure, There is also the possibility that many companies will only be able to increase profits by again slicing costs and not through growth. Hardly a happy prospect. But the stock market always endeavours to look ahead. There could well be some indications that the world's economy is really on the mend as the year progresses and shares should respond to any prospect of happier times. Such an improving atmosphere could provoke a revival in corporate activity which would add fuel to any recovery.  But a collapse of the euro - a distinct possibility - could destroy any wellbeing. although, in the long run, the demise of such a controversial and politically inspired currency, would be beneficial, the short-term ramifications could be huge, shattering confidence in stock markets around the world. With so much uncertainty abounding I feel obliged to reshape the portfolio. I am dumping Printing.com and Private & Commercial Finance. The departure of Printing.com is rather sad. It is the longest serving constituent, having clocked six years of membership. But I fear there is a grave danger that the