I think a tricky thing is names like WMT, COST, TJX already have high p/e ratios.

You could usually try utilities or energy but those are also high due to AI buildout & Iran.

I think gold could make a come back since it's beating down a bit this year. Treasuries or just a reasonable hedge with puts against your holdings may be the best bet.

Of course none of this is financial advice & is just open discussion looking for thoughts.