So I'm sitting on a lot of cash right now (~30% of my portfolio) and am looking at sectors to invest in. It looks like the S&P 500 is pretty expensive (NTM earnings yields are in the mid 4%'s, and the Schiller PE is ~30x), and we've had a long bull market that will likely be followed by a moderate recession sometime in the next few years. Growth stocks have really outperformed over the last 12 months, and fringe / speculative assets like Bitcoin are trading near all-time highs.
In this environment, where do people see pockets of value to put money to work with some downside protection? Most interested in industries / indexes rather than particular names, as I don't have time to really vet public stocks, etc. in sufficient depth to feel like I have an edge.
I'll start things off. Some assets that have crossed my mind are BDCs and gold.
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