Michael Clarfeld is looking abroad for opportunities with an “abnormally” concentrated and expensive S&P 500. He likes Nestle (NSRGY) and other European consumer staples. Another area he likes is “real assets” like commodities such as crude oil, leading him to Exxon Mobil (XOM). In REITs, he likes AvalonBay (AVB), which he calls best-in-class, and argues that apartments are more attractive than homebuilders because of high rates.