I equate bubbles with cycles. So in that sense we're always in a "bubble" of some sort. The question is are we at the bottom of the bubble, the mid-point or the

I equate bubbles with cycles. So in that sense we're always in a "bubble" of some sort. The question is are we at the bottom of the bubble, the mid-point or the top. It's everyones job to workout at which point in the cycle we are so that they can adjust the risk that they are willing to take accordingly. Thus the constant speculation.