The Challenge of Working Out the Integrative Value of an Asset

Does a bubble exist as long as prices are above intrinsic value? When we talk about intrinsic value, it's very difficult. At the moment, I think the conventional accounting way of doing it is leading to very, very high asset values that may not prove to be sustainable. For example, a lot of superannuation funds quite reasonably have chosen to invest in untrated assets. They face this issue of how do you value an untrated asset?