Are we in one of history's great bubbles?

Another day, another dire warning about financial market complacency and asset valuations unmoored from reality.

“With so much stimulus being deployed, trying to figure out if the economy is in recession is like trying to assess if you had a fever after you just took a large dose of aspirin,” wrote renowned value investor Seth Klarman in a recent letter to clients of his hedge fund. “But as with frogs in water that is slowly being heated to a boil, investors are being conditioned not to recognise the danger.”