“In today’s investing world, there are not a lot of inexpensive assets. Most of this is distorted because there are no alternatives to equities,” he said.
One sector that may be attractive is energy, which remains at a 40 percent discount to the broader market despite the sector’s recent rally.
finally,” he said. “XLE [Energy Select Sector SPDR Fund] is attracting [asset flows]. Some might be hedging, but energy has gathered a lot of flows from a Select SPDR ETF perspective.”