"I expect a negative total return for equities in the next 3-5 years."

I do, too. 10-12 years as well. Many indicators are saying that: forward returns vs P/E, P/S, CAPE, market cap/GDP, non-farm market cap/gross value added (Hussman), non-farm equity/debt (St. Louis Fed (FRED): ((Nonfinancial Corporate Business; Corporate Equities; Liability, Level+Domestic Financial Sectors; Corporate Equities; Liability, Level)/1000)/(((Nonfinancial), GMO's proprietary model, etc. All of these are forecasting zero to negative stock market returns. Some high flying stocks are already starting to turn over. ASML, for example, is down 39% over the last 4 months.

What do you recommend to protect ourselves? Hussman is buying puts. GMO is selling short. Dealraker is selling equities where capital gains taxes are minimal. Buffett is selling overvalued stocks.

I believe that T-Bills will outperform the stock market over the next 5-10 years, even if T-Bill yields fall. What is an investor with a short investment life ahead to do?