Yacktman tries to do two things when investing in order to find the best risk-adjusted return. The first thing is protect his investors' capital. The second is grow it. With the market having gone up significantly, so too obviously have valuations.
Yacktman agrees with other Dell (DELL) shareholders that the buyout price for Dell (which he holds) is too low and he will be voting against the deal.
Today Yacktman still likes Pepsico (PEP) and Proctor and Gamble (PG).