But to point that out is of relatively little value. The real money is made by determining where in the bubble the asset valuations are at.
In the late 1990's I was absolutely sure that the dot.com stocks were in a bubble - so I stayed away from them, not investing in a single one. By doing so, I managed to avoid the significant losses many investors suffered when the dot.com bubble popped. But I also missed out on much of the profit opportunities that they experienced as these stocks appreciated to their stratospheric valuations.
My point? Pointing out that there is a bubble doesn't make you a great investor. Figuring out where in the bubble cycle you are at is what makes you money... and that's a lot more difficult to do than just saying, "we are in a bubble."
