a phrase used whenever you seesomeone who can be classified as a "there he is". if you say there he is and the person you are with doesn't know who you are talking about then the person probably isnt a there he is.
you'll know.
(man in skirt with long beard walks across street walking a doberman)
Short-hand for the word floccinaucinihilipilification, meaning the estimation of something as valueless (encountered mainly as an example of one of the longest words in the English language).