Is It a Bubble..."!?!

[Ben Leybovich]

Perhaps this is a better topic for a blog post, and perhaps I'll do that. But - is there a bubble or isn't there? Should we keep buying, or shouldn't we?

On one hand, prices are outpacing income growth. On the other hand, other fundamentals, such as demographics, seem to support further growth...

Let's just set the fundamentals aside, seeing as I'm not smart enough to make a call based on fundamentals. Let's look at the behavior in the marketplace:

Everyone is a real estate investor right now. Every newbie, and their mother, father, brother, sister, and extended family is a real estate investor. and most of them are wholesalers!

I look at the number of threads on BP dealing with "bad Wholesalers" and all I see is the rampant euphoria pf the type I haven't seen since '07. BP threads is testimony to the fact that Amateur Hour is upon us - what does this say relative to whether there's a bubble or not?

Should the smart money come out when the stupid money is all in? Or, should smart money zig when stupid money zags, and what does this mean?

Thoughts?