Looking at the stock market today it's hard to imagine having the conviction that stocks are going to rally any time soon. Technicals look putrid and the economic environment sucks. I don't like bonds either, and real estate looks like it could decline further, although there is probably less downside in real estate over the next few years than in equities. As for gold, if deflation does become reality, gold would lose value along with other commodity assets. Perhaps the worse possible investment would be mutual funds. They have proven far more risky than ever imagined and a sure way to lose more wealth. That mattress is looking pretty good right now.