There are bubbles everywhere, but the biggest of them all is in sovereign debt.It makes absolutely NO sense at all that you would lend money to an entity and be charged for the "privilege" of doing so, yet this is where we are at with a growing chunk of the debt market. The only reason it is going is that people believe that someone else will buy it off them for even more ridiculous terms. That's the bigger fool in action, and that is a common feature in asset bubbles.BTW it's not as simple as "I'm passive, he's active." you can be both a market timer, AND a passive investor. You can buy active investments in a passive manner, or you can buy passive funds in an active manner. Either way, I doubt either Buffett or Joe Schmoe gives two hoots about which tickboxes you may or may not think they fit. We all have to swim in the same waters.