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He said "The market is probably 5-8% overvalued." As the Fed puts a freeze on extra liquidity, he thinks the rally will halt and it is time to get defensive with cash and high-cash flow generating global franchises which have lagged the market and are available at low P/E ratios relative to the market.
He said, "Stocks that I like are the large-free cash flow generators that have dominant global franchises and therefore protective moats. They’re conservative companies but I like the reward versus the risk because the P/Es have been deflated over the past 5-10 years."
Here is the video:
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