It doesn't make sense to me to blame the Fed; obviously everything is not attracting the same investment. When the stock market bounced back recently, it's not the same stocks. There was a huge amount of reallocation of anticipated future value due to the epidemic.

I believe biotech is the best area in the long run, but the fundamental cause of a bubble is that people start believing something is always a good buy at any price, and that always means the price has to go up enough to change minds.

The more you believe something is always good, the worse it has to become to change your mind, which is pretty scary to me.