The only sector that is "cheap" is commodities, everything else is pretty much extended right now.
Oil is historically cheap but very risky atm, lot's of oil companies will go bust in the short term, precious metals are breaking out into ATH's so not cheap on the surface but compared to current inflation is cheap, miners will do well over the next couple of years. Bitcoin is also "cheap" as it's a hedge against inflation (I never rated BTC as anything more then a fad however even Aus Post are selling BTC now :s) It looks like it will stick around.
Basically anything that is a hedge against inflation should perform very well in the medium term as there is unprecedented amounts of money being printed, financials have been beaten down hard however I don't see them going anywhere for at least a few years until we recover.
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