He's probably right but the criteria is somewhat wishy washy. E.g. "Belief replaces analysis among many market participants" Many? How many? I am not sure ho

He's probably right but the criteria is somewhat wishy washy. E.g. "Belief replaces analysis among many market participants" Many? How many? I am not sure how much analysis there really is in the market. I doubt there is too much with the small investors -- not only is it complicated anyway but companies have too many tricks to pretty up their books. So even if you're diligent it's a good question if you're reading the real data. Most people don't have the time to learn that much. As for the big institutions, it's not my world, but I doubt there is a total lack of bias. There is obviously a lot of momentum trading. I also became somewhat sceptical if such a thing as a bubble really exists if we can only identify it after the fact, and only under certain conditions. E.g. last year in March the market crashed badly but it recovered quickly and there was no long term problem. Thus it wasn't a bubble bursting event. The very same thing could've happened without the "investors" getting confident again, and then everybody would've concluded that covid finally popped the bubble. Both of those can't be real.