I don't see "valuation bubble" in his proposed list, but it is a pretty plausible explanation. The reason only 1/6 of firm value is coming from understandable

I don't see "valuation bubble" in his proposed list, but it is a pretty plausible explanation. The reason only 1/6 of firm value is coming from understandable assets is a good chunk of the value is imaginary, and will vamish when the bubble pops!