Bubble, Bubble, Toil and Trouble

Looking back over the last 15 months, the authors assess their success at identifying asset bubbles and anti-bubbles in April 2018 with the benefit of hindsight. The scorecard is in their favor. More importantly, however, they review how the definitions of a bubble and an anti-bubble they provided over a year ago continue to provide useful insights for where investors can find value in today's global markets.