I agree we are running in bubble-like dynamics now. Personally I believe this is driven not by dumb money but more by the fact that the rest of the economy has been under-performing since '08, and therefore smart money is looking for any investment that improves odds at big results. I honestly don't know if this distinction will matter at the end or not.

On the other hand, you could have spared a lot of down votes if you had made your point clearly in the first place.