I think the beauty of today unlike 1999 until March 2000 when we had the tech bubble; at that time the majority of old economy stocks were cheap, commodities were in-expensive, today the good news is we have a bubble in everything everywhere and with very few exceptions. And eventually there will be a problem when these asset markets begin to perform poorly.
The question is what will be the catalyst, it could be a rising interest rates not engineered by the Fed, because I think they will keep the interest rates at Zero on the Fed funds rate for a very long time.
Bond markets, something very unusual, French government bonds were yielding last week 1.3 percent. Spanish, Italian bonds as much as US 10 year treasuries. We could essentially have a break in bond markets at some point. We also could have a strong dollar. A strong dollar has already happened in the last two months signifies that international liquidity is tightening and when that happens its usually not good for asset markets.
