The stock market is a running milestone. We're currently in the longest-ever bull market - a fact that became official on Wednesday, Aug. 22, when it became 3,453 days old. Some have shrugged off the milestone; others, in evaluating stock picks, have been vexed by it.

Scott Sadler, Founder and President at Boardwalk Capital Management, is part of the camp that understands a bull market has no specific time limit. He explains, "Bull markets don't die of old age, so the ticking clock isn't all that relevant. What is relevant is what conditions will make the bull market die. And usually, that has to do with tightening monetary policy."

The other camp understands all things are cyclical, and further believes the growth boom is nearly out of gas.

Reality is somewhere in the middle. The Federal Reserve is chasing a moving target; inflation isn't rampant yet, but it is clearly brewing. But the rekindled economy may not be strong enough to withstand more aggressive hawkishness.

It's time for investors to at least start thinking defensively. This means owning stocks that can perform during the latter stages of a bull market but hold up should things turn sour. Here are 12 top stock picks to that end.

American Water Works

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When's the last time you went a day without using water, one way or another? Chances are, that's never happened to you.

This reality plays right into the hands of the utility companies that provide that water. One of the best in the business is American Water Works (, $88.67), which services 14 million people in 45 states, plus part of Ontario, Canada. Only once in the past 10 years have AWK shareholders seen the top line

James Brumley was long T as of this writing.