This is a good interview from Aaron Task (@atask).
I agree with the conclusions of Abhay Deshpande. I have no idea who he is but:
oversees more than $20 billion as a portfolio manager for First Eagle Funds, including the U.S. Value, Overseas and Global funds, which are up 19.5% and 28% in the past year, respectively.
He makes the point that most large caps are fairly valued.