The real question is not "Is this a bubble" , which is not as useful as it seems in real life. The better question is: What is the market discounting? Which companies can retain their profit pool even after the boom cools down? Which companies' profits are only capital expenditure on others? Which stocks need a perfect future to not fall? Which companies are already too expensive even if the future is good? Where are the most likely places to be punctured by bad news for a quarter?
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