I’m feeling conflicted about 2026. The S&P 500 is expensive and if the Dollar actually cools off next year, I lose the currency advantage that usually pads my returns against the Rupee.
Crypto feels choppy and US Tech valuations are giving me vertigo.
For the cautious locals here or anyone investing from abroad: Are you sticking with the S&P 500 regardless of price, or are you rotating into cheaper international markets/cash?
I would suggest you take a long-term bet on quality US tech stocks. It is most likely to pay off.
Judging from yesterday, the selling spree seems to be over or is getting stabilized, so now might be a good time to get in.
Of course, you will need to hedge your portfolio with some defensive value stocks like consumer, retail, and healthcare(whatever sectors or themes you find suitable).
To put valuations into perspective, QQQ/QQQM always trade at a premium of around 45-55% from its EPS CAGR growth rate. The same kind of applies to S&P also, since Mag 7 makes up about one-third of it.
Crypto depends on your risk appetite, but taking a bet now is likely to pay off in the long term.
Appreciate the perspective 
The tech premium argument makes complete sense and the QQQM valuation band helps frame it better.
I am curious how you approach the defensive sleeve tho. Do you diversify across consumer, retail and healthcare, or do you concentrate in a few subsectors that actually move the needle during drawdowns?