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What Looks 'Good and Cheap' Today?

Precious-metals equities qualify, but beaten-down emerging-markets and energy stocks aren't quite there yet, says author William Bernstein.

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Noted author William Bernstein is a strategic asset allocator. But he periodically becomes intrigued by asset classes when they get what he calls "good and cheap." Morningstar director of personal finance Christine Benz recently talked with Bernstein about opportunities in some of the beaten-down parts of the market. Below is an excerpt from that conversation.

Christine Benz: When you and I talked a year ago, you were enthusing about precious-metals equities being relatively cheap. They've arguably gotten a little cheaper since then. What do you think about precious-metals equities today?

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