The 1996-2005 upside went twice as long and reached three times as high as the 1986-1990 upside. At it’s peak in early-1990 prices were only about 25% above the long term trendline. If it qualified as a bubble, it was just barely a bubble.
That graph really illustrates the point. Kinda brings new meaning to the bulls’ favorite line – “this time it really is different”.