15 Defensive Stocks for Next Downturn Have Sky-High Valuations

With a bull market that is now well over 10 years old, and with a global economy that is facing slower growth ahead, many investors are wondering how they should be positioned. Bond yields offer 2% or less on most Treasury securities, and that pesky U.S. and China trade war is keeping growth lower while there are very few areas of the economy still growing as fast as in prior years. Investors use many strategies, and those who need or want to keep equity exposure often seek refuge in the solid dividend-paying defensive stocks that won't fall apart in the next stock market pullback or if a recession finally hits.