As mentioned, I have been investing for over 30 years. In all that time I have not seen a situation like today where every asset class I know of is at top value. That includes small cap, medium cap, large cap domestic stocks. Foreign stocks. Emerging countries. Hard assets like gold. Real Estate. You name it.
This is not typical. Usually when emerging markets are doing well, large cap stocks are doing poorly. When the stock market is up, real estate is down. Not today.
So is there any area where prices have been beaten down to where someone could find good value?

Bonds? Or to be technical, you could probably say that the US dollar is a pretty good value right now....

Waffles.

I don't think so, I still think large caps are the best of the bunch but nothing is really cheap right now.

I want to add that we live in an unprecedented era which would explain at least part of it. This is the first time there is such economic progress globally. Perhaps with Africa as the exception, third world countries everywhere are growing leaps and bounds. The Middle East, Eastern Europe and Asia are all thriving and as a result the supply chain for commodities were caught off guard and may need a few years to ramp up production. There's also a lot more money looking for places to invest so you have overpriced equities everywhere.

I would agree with PM that Bonds seem cheap right now but there is still limited upside to that play.

The dollar could be trading at these levels for years if the Gov. wants to keep imports expensive and exports cheap. It's a good way set up a small tariff w/o actually setting up a tariff. I would not buy the dollar right now.

You could always go contrarian. Home Builders, Interest rate plays and maybe even banks.

I bought some Mitsubishi Bank a little while ago, betting on the Japanese recovery and Japan as a "gateway" country to the rest of the Far East. But the other banks are still way over-valued.