Equities, but also holding substancial liquid resources. Have been reducing exposure to equities over last year, but only by small %.
As was pointed out, companies with very large % of profits from overseas, may be a good hedge. As the Aussie $ will take a huge hit should the cards start to fall. Recall in the GFC the little Aussie fell to under 60c, So a company that makes say 80% of it's profit overseas may get a profit boost of about 20-30% just on the Forex.
In a falling market this may in the short term mitigate losses.
