To repeat my defining characteristics of a bubble: Prices are high relative to traditional measures. Prices are discounting future rapid price appreciation from these high levels. There is broad bullish sentiment. Purchases are being financed by high leverage. Buyers have made exceptionally extended forward purchases (e.g., built inventory, contracted forward purchases, etc.) to speculate or protect themselves against future price gains. New buyers (i.e., those who weren’t previously in the market) have entered the market. Stimulative monetary policy helps inflate the bubble, and tight policy
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