3. Restaurant stocks will struggle. I've been a restaurant bull for much of the past four years but am concerned about the sector in 2013. Rising commodity costs -- if you buy that presumption -- will force margins lower and/or increase menu prices to consumers. The question is whether consumers will be willing to pay up. They'll still eat out -- that's what Americans do -- but perhaps not as much. The specter of the full implementation of the "Affordable" Care Act in 2014 may also weigh heavily, although some companies, such as Darden Restaurants ( DRI), are finding ways to limit coverage by moving more workers to part-time status.
4. Farmland, timber, water, other tangible assets should do well. I continue to like agriculture, and have exposure through some small names such as Alico ( ALCO) and Limoneira ( LMNR). I closed out of a position in Argentine farming name Cresud ( CRESY) but will be looking for a new entry point. Timber has been an excellent asset class over the years, with a low correlations to stocks; investors can get exposure through Plum Creek Timber ( PCL), Rayonier ( RYN) and Weyerhauser ( WT). Or, for broader exposure, there's the iShares S&P Global Timber & Forestry Index ETF ( WOOD). For a combination land/water/agriculture play there's PICO Holdings ( PICO), which has been disappointing in recent years, but owns an interesting array of assets.