I am expecting that other than short term plays in the equity market, the current money supply inflation will wipeout any gains over the next expansion phase. I do not want to pay capital gains on lost value.
So I'm looking for something longer term 3-5 years that will hedge against inflation. TIPS and gold have too high a premium. Little income generation in either. I think that the best bet will be equities in the early recovery phase with a short on bonds and as the market matures rotate out of equities into more bond shorts, commodities.