I agree the equity markets are a bubble, but the one that worries me most is the bond market. Too many people have been educated for their entire life that stocks are riskier than bonds. That's no longer true. If the market raises rates or we see a bubble explosion or hyperinflation, bonds prices will fall and NENVER come back. At least stocks will continue to rise in a hyper inflationary environment (although the paper gains will be illusory). Personally, I wouldn't trust anything I can't touch.