I'm with you inasmuch as the frothiness is, while massaged a bit, sufficiently perceptible for emptors to caveat.

My concern is that the subprime mortgages were not perceptible to even savvy fund managers, and the same thing could happen again; and also, even if that insidious risk-poisoning of institutional funds does not occur, them a collapsing bubble still fucks us all into recession.