Tagliaferro: Hard to find value in "expensive market"

Anton Tagliaferro, founder of Investors Mutual, is sitting on a horde of cash, bumping up against their cash limit of 10% in the large-cap portfolios. He says central bank policies are "verging on the insane," and continue to drive prices higher. "The earnings outlook hasn't improved, PEs have just gone higher." After being pressed for a stock-pick, he identified AGL as one of the few stocks that continues to offer value. AGL should also benefit over coming years from higher electricity prices. He expects to see more volatility in the next 12 months, and says this will be a better time to buy. Watch the full interview: