Wallet in my

I've started investing in emerging markets and small-caps, I'm at 50/50% (500 and 500) because I see the msci or sp500 as being way overpriced. With this, I still think I should rethink it to have a "safer" portfolio since those two fluctuate. What do you recommend? I've thought about starting to buy chiná/japon or both and msci world or sp500. I have indexed funds. What do you think? Thanks!