It's now about 5 months and we get more and more stagflation alert in media reports and plus, both inflation and recession risk are higher... http://biz.yahoo.com/ap/080226/economy_twin_evils.html
Anything that has a higher appreciation rate than inflation rate. Since we're talking stagflation and that means a recession also, i guess stock market wouldn't be a good choice but maybe foreign equities. Commodities and precious metals probably will be the best investing opportunities.