With the possible exception of covenant creep in the junk bond market, none of these things are happening. Nobody thinks we are in any kind of "new era" except perhaps permanent malaise. There is no euphoria. The reaction to recent stock market increases is more surprise and disbelief rather than euphoria or hubris. Ex the cash, Apple is at an extraordinarily low valuation on current cash flow. A valuation much more like 1982 not 1999. The proverbial taxi driver is not talking stocks. He is talking about Facebook and Apple but more the products not the stocks. And he's talking about these things for a good reason. There is a genuine communications revolution going on with huge consequences and it's very exciting but with a few exceptions, it's not really driving stock prices. I'm a bear but this in no bubble.