All asset prices are in the sky, whether it is Picassos or Warhols or the flat that Steve Cohen is trying to sell.
We are in a bubble. We are the bubble. It is only a question of which asset is in a lesser bubble.
The U.S. is expensive, compared to the European market and especially emerging economies. Based on the level of today's secular adjusted P/E, returns in the next seven to 10 years will be minor, if not meaningless. The Mexican stock market went up 343 times between 1984 and '87 because of money-printing. Then the currency collapsed. The dollar can't collapse, so gold will come to the forefront. Or Bitcoins.