The market may be headed for a 40% correction, warns this wealth manager. He flags bargains in overlooked stocks.

MarketWatch reports veteran wealth manager Ted Oakley warning that U.S. equities could face a generational bear market with a potential 40% to 45% correction over the next one to two years. He argues the market is stretched, with a handful of mega-cap and semiconductor names dominating returns and leaving investors under-diversified. Oxbow Advisors is therefore keeping substantial cash equivalents in short-term Treasurys and looking for opportunities in overlooked commodity-related stocks. Oakley is constructive on energy and expects oil could move back above $100 a barrel, citing production damage. He also highlights gold miners and silver as possible beneficiaries once late buyers are washed out, saying gold near $4,000 an ounce is becoming attractive again after a historic 2025 run. The piece is broadly bearish on the S&P 500 near term, but bullish on commodity producers and miners as defensive/value alternatives.