Not sure how many people on this BB read Jeremy Grantham's recently-published article on GMO's website ....?
Lots of chatter about his comments given his age and experience. It's an American perspective about the U.S. stock market, but I believe it's still worth a read. His bottom line suggestions as to how to weather what he believes is a devestating U.S. stock market "superbubble" are outlined in last paragraph of the article under the heading "What To Do As An Investor": "GMO has a detailed set of recommendations available that I agree with.
A summary might be to avoid U.S. equities and emphasize the value stocks of emerging markets and several cheaper developed countries, most notably Japan.
Speaking personally, I also like some cash for flexibility, some resources for inflation protection, as well as a little gold and silver....."
Again, food for thought for those interested in his perspective.