Determining that something is overvalued is vastly easier than determining when the overvaluation ends. I was one of those who saw the housing bubble for what

Determining that something is overvalued is vastly easier than determining when the overvaluation ends. I was one of those who saw the housing bubble for what it was in 2003. Among people who saw it, the causes of the bubble and the bubble psychology among buyers was well-understood. I had zero clue as to when or how the housing bubble would end. It lasted far longer than I anticipated. In other words, a smart investor can see when something is priced wrong. But only a foolish investor will tell you when or how the price will correct.