If you were pressed, what is most likely to be a bubble? Are you willing to give us your opinion? Yes, and it's incredibly boring. There's nothing I feel is very, verylikely to be abubble. When things are expensive, you've made less money; when things are cheap, you've make more money. The portfolio of half stocks and half bonds, if you take those two measures, scale them and combine them, is the worst ever. They're not usually 90th percentile bad at the same time. It's a bit of a puzzle why they are, but they are.