Take a look at what happened to intangible assets across periods of severe stress, such as the Great Depression or the tech collapse of 2000. The intangible va

Take a look at what happened to intangible assets across periods of severe stress, such as the Great Depression or the tech collapse of 2000. The intangible values drop substantially, which should lead you to believe that intangibles are more a function of money supply than anything intrinsic. And since we are coming off of one of the largest money supply expansions in history, it should automatically ring warning bells for events that contract money supply, which is why I mention Greece and Italy. Ultimately, all asset valuations should be in equilibrium with each other. House prices went out of equilibrium with rents, and eventually that corrected (and still has a way to go.) That is an example of a very close equilibrium. If Hennessy started rivaling Exxon (say) in valuation, I would say that I don't care what kind of brand recognition it has, it is out of equilibrium and is just waiting for some event (like contraction of the money supply) to re-equilibrate. > which actually states that we are NOT in a bubble. BTW, I was disagreeing with the article. I would encourage all to make hay while the sun shines, because these valuations are not going to last.