Tilson is smart and experienced enough to know what you can't know. Why business journalists still ask that question is beyond me.
Tilson did have the following to say:
"We are seeing some of the best opportunities we've ever seen in big cap high quality blue chip equities."
"We think there is a bubble in blue chip bonds."
"The single biggest mistake investors make...they invest looking in the rear-view mirror not through the windshield."
"Ten years ago there was a bubble in blue chip quality stocks...they were trading at 30x earnings."
"JNJ at 12x earnings is a very different proposition over the next 10 years than 10 years ago JNJ at 30x earnings."
In the interview, he also points out that Microsoft is very cheap selling at 9.3x trailing earnings (excluding net cash on the balance sheet) and explains why he thinks Berkshire Hathaway is still undervalued.