How to invest conservatively without buying defensive stocks

The forward price-to-earnings ratio of the S&P 500 consumer staples SP500.30, +0.41% is 20, compared to less than 17 for the broader S&P 500 SPX, +0.72%, according to Refinitiv data.

Lafferty isn’t willing to proclaim the end of the momentum cycle. “I’m not ready to say that the 7-, 8-year trend has changed, based on four days worth of data.” While not as cheap as it was before the talk of recession and inverted yield curves bid up the yellow metal, gold GC00, +1.76% is still a “reasonably good” defensive play, he says. “The opportunity cost to using gold as a hedge has been falling as interest rates have plunged,” he said.

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