The Market Is Overvalued, But Not In a Manic Phase

If you asked the man on the street, he would probably tell you there are five different bubbles going on right now.

There is some truth to that, but also some untruth to that.

The true part is that a lot of things are currently overvalued. I would say stocks are overvalued. Most people would agree. I would also say bonds are overvalued. Some people would agree. I would say corporate credit is overvalued, real estate in certain parts of the country is overvalued, and maybe a few other things.