A lot of investors are sitting on piles of cash. In fact, J.P. Morgan Wealth Management estimates its clients are more overweight with cash now than they’ve been in a decade.

But attractive buying opportunities could be lurking, including in fixed income, US mid-cap stocks and European equities, according to Chief Investment Strategist Tom Kennedy.

He joined the What Goes Up podcast to discuss corners of the market—in the US and abroad—that look enticing. He also talks about how Europe managed to avoid a recession, and why the US Federal Reserve is likely done with its hiking campaign, among other things.

“Cash very rarely outperforms, and it takes a long time for rates to go up, but they can come down really fast,” he said. “The last seven business cycles, when you have the last rate hike from the Fed, in the two years after that, cash tends to underperform duration assets.”

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With Fed Pause Likely, Here Are Ideas for Your Cash