Bubble or No Bubble

I have no idea if there is a current bubble in stocks, but it is amazing that some people think they know. Had a conversation with a friend yesterday. He mentioned that real estate in Southern California was stabilizing (forget that debate for a moment) and then the conversation of “bubbles” came up. I was amazed at his confidence, and he is a smart guy, that he could so quickly announce that are we not in the middle of a stock market bubble now. Has there every been a time when the majority knew it was in the middle of a bubble and acted accordingly? Bubbles are never clear until the dust settles.