I agree with the article that we are in a bubble, but what it doesn't talk about is about inflation and also that the dollar could be rapidly declining in value, which will cause the price of things to rise. I have witnessed and experienced in my lifetime in under a decade country that had a currency value of 1:1 with USD have their currency lose value and end up at a ratio of 100:1USD. Meaning price of everything goes up 100x. If dollar is falling compared to yuan and say EU, let's even say it only falls 5x. That means price of milk can go up to $10, $100k houses can go up to $500k, and $100 stocks $500. Of course the price in commodities are often slower than stocks, but as the stocks go up and "everyone" get's reach and some gains are coming out, those gains turn into actually cash that also drive up price of commodities. So as the market melts up, if you stay out, you are going to get very poor. You want to melt up with it, in the future tho, all that money will be worth very less or near the same of what it was worth. Frankly it's a big casino, and all one can do is hedge. I see folks beating the article up, but the title captures the environment. "The hazard of asset allocation in a late-state major bubble". You can do the right thing and completely lose. I suppose one key thing he's pointing out is that you don't want to get wiped out, have enough to get back in the game.