That’s 28 asset bubbles GLOBALLY over the 70 year period and includes all financial markets – stocks, commodities, bonds, property, etc. I can count a bunch of bubbles in just the last 20 years right off the top of my head: (1) Nasdaq, (2) S&P, (3) late-80s/early-90s CRE, (4) late-80s Japanese stocks, (5) 80s Japanese real estate, (6) Residential real estate late-80s, (7) Emerging markets stocks mid-90s, (8) Asian currencies mid-90s… I could go on…
In fact, I’d say that there’s probably a bubble in some asset market somewhere on earth almost 100% of the time. We’ve just had the misfortune of having several of them at the same time over the last 10 years. (Thanks Alan!!)
There is no bubble in the definition of bubble – two standard deviations is two standard deviations; it’s math.
