If one is absolutely not able to find 10-20 good stocks which one understands and is available at reasonable valuations, then it is better to stay in cash / debt funds, and start expanding one’s circle of competence. Unless the market is at a peak, there is usually always some good opportunities lurking behind in the shadows. You just need to keep doing the hard work of going over many many companies to find the right one. Buying the defensives at ultra high valuations is taking the easy (read, lazy) way of investing.