For what it is worth these are the current themes i am...

For what it is worth these are the current themes i am following:
1 Defensive local equities with high dividends (CCL, WOW, tls).
2. Caution with banks, not selling but not loading up. I anticipate a recession during which bad debts will rise and profitable and valuations will drop. Market factoring this in to some degree so not selling.
3 Get offshore before AUD drops further.
3.1 Equites. I like etfs for this. IEU is my favourite. QE ongoing will continue to inflate european equities. Still below peak before GFC. If QE ends then will drop though. That's very unlikely. Platinum asia LIC is a longterm play but may not do well short term.
3.2 Offshore earnings CSL, speculative one NAN.
4 Gold and Gold miners, but only the best. NST. NCM too much US denominated debt and doesnt benefit currency moves like NST with no debt.
5 CASH, the most important one to take advantage or corrections. I nimble away never go hard. No one can ever pick the bottom.

Just remember I am no expert or visionary. I was a peak oil follower and am still the sad owner of both awe and sto!