Other examples are the broad US stock
market, the stocks of companies involved in social media and / or e-commerce, the
market for
junk bonds, and a group of junior mining stocks where just the hint of a possible discovery has led to spectacular price gains and
market capitalisations that
bear no resemblance to current reality.
Another easy prediction to make is that
junk bonds and non-bond income vehicles will be a large contributor to the shortfall in asset return in the next
bear market, because a decent number of people are buying them as if they are magic.