BHP and most other resource stocks look expensive at the moment (further from its lows than its highs.) CSL, QBE, TLS, QAN, TAH and other defensive stocks look cheap at the moment.
Eventually, BHP will fall and the defensives will rise if and when a correction occurs in the market. Does it make sense to switch now from the 'expensive' stocks to the 'cheap' stocks given that stocks can't go up forever? What are some other stocks to take advantage of the pullback in the market if it comes? Is it just a case of throwing out the ones that have run up and picking up the ones that are unloved right now? Or is it a case of stock picking in order to outperform the market? It would be great to hear everyone's views.