American tertiary education is a bubble. Everybody thinks it's the end all and be all. America has done a great PR job of selling its universities. Everybody knows grammar school, primary school and high school are a disaster in America.
But somehow or another that translates into the fact that America has great universities. Don't ask me the logic, but that's obviously a bubble.
Hong Kong real estate, Shanghai real estate ... [those] are clearly in some kind of bubble ... also, Sydney real estate.
Bonds are obviously something that is going to cause a lot of pain to a lot of people. Bonds have been going up for 35 years, literally, for 35 years.
Now, bond markets have a habit of having long, long, long cycles, 30, 35 years. It's normal in the bond market.
At least historically in the U.S. it's been normal, but ... that's another clear bubble.