As U.S. stock markets continue climbing to new highs, a record number of investors are confirming what several valuation metrics suggest about U.S. equities—they’re looking a little pricey. Yet, 58-year-old Alan Lancz, founder and president of Alan B. Lancz & Associates and disciple of famed contrarian investor Sir John Templeton, claims to have found a number of bargains, according to Barron’s.

Lancz’s Picks in an Overvalued Market

Despite recommending that investors build up their cash positions in light of the record highs being achieved by the Dow Jones Industrial Average and the S&P 500, Lancz sees buying opportunities in Fitbit Inc. (FIT

), Crocs Inc. (CROX), Occidental Petroleum Corp. (OXY) and Twitter Inc. (TWTR).

The current trailing 12 month price-to-earnings (P/E) ratio for the S&P 500 is above 25 in contrast to a historical mean of around 15. The current Shiller P/E ratio is just under 30, a high…