Top value investor Charles De Vaulx has been cutting back on gold holdings and is high on oil and gas stocks and Japanese equities. De Vaulx tells Bloomberg that with cash yielding very little, bond yields low, and gold having gone “parabolic” over the summer, stocks of good companies with solid dividends look like attractive options right now. He’s still hesitant about Europe, where he says quality stocks haven’t come down enough in price to make them bargains, and many of the stocks that have fallen sharply are too risky. He says that discrimination may actually be a bullish sign, however.

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