This blog post originally appeared on RealMoney Silver on April 20 at 10:08 a.m. EDT.

Beginning today, I plan to publish (probably on a regular monthly basis) the general construction of a model portfolio (long-only) with a six-month investment horizon.

Should there be a major change in market conditions or in market outlook, I will provide a timely update to the portfolio.

My hypothetical portfolio will embrace where I believe a long-term investment portfolio should be positioned relative to

S&P 500

industry benchmarks and weightings.

Given the scope and duration of the recent market advance, I believe that the U.S. equity market is vulnerable to a

short-term decline

of 5% to 6%.

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Above-average cash positions should now be held in light of a possible market correction and in order to have excess reserves to capitalize on opportunities available in a

volatile trading environment

.

Given that credit has underperformed equity and that credit currently provides outsized yields vs. Treasuries, most portfolios should substantially overweight credit holdings, which are senior claims relative to equity.

Finally, I have included a shopping list of over 50 individual stock candidates (by sector) that could be considered in the aforementioned model portfolio.

Doug Kass writes daily for

RealMoney Silver

, a premium bundle service from TheStreet.com. For a free trial to

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At the time of publication, Kass and/or his funds were long MSFT, DELL, RIG, BAC, BRK.A, CNS, VNO converts, WRI converts, SLG converts, CB, L, NFP converts, HD, LOW, DIS, SBUX and FCX, although holdings can change at any time.

Doug Kass is founder and president of Seabreeze Partners Management, Inc., and the general partner and investment manager of Seabreeze Partners Short LP and Seabreeze Partners Long/Short LP.