One of my favorite anecdotes on this subject was from the housing bubble, but could be applied to other assets. The notion was that in most times, people had to figure out whether or not they could afford a house, or particularly a second vacation or rental house. Around 2006, it became clear to many people that they couldn't afford NOT to own more than one house since there was so much free money available for the taking. If a nations sentiment is one of horror at the prospect of NOT having enough risk on, things are probably getting dicey.