This is a tough bubble. Back in 1999 one could definitely say "there is a bubble in tech stocks, so I'm going to rotate to bonds (yielding 7-8%) for the next few years." Now, the bubble is in bonds, entire stock indices, PM's, preferreds, coastal real estate, etc. The obvious signs of froth are forming among widely-shorted stocks, tech, etc. and in the rationales people give for paying these prices, like FOMO, TINA, and the perennial "this time is different so valuation doesn't matter". There are few places to re-allocate to, and there have been only a handful of periods since 1926 where valuations were anywhere near this high and the returns were positive a decade later - with several periods of negative 10y returns.
I'll be looking into a more defensive plan, such as selling risk-offsetting condors on the SPY and the VIX, local LCOL real estate, holding cash and call options, or simply selling way-low puts to eek by and try to earn 4-7% a year. These niches, with very careful risk management, may be key to retiring and staying retired for the next decade.
