Barry Ritholtz, chief market strategist at Maxim Group, has written an amusing commentary about the bull market in bubbles that we seem to be in the midst of. He cites references to bubbles in housing, China, debt, oil, and interest rates.

Yet he concludes that most of these are not bubbles at all, even if they are examples of rapid price appreciation. He thinks that all those pundits, strategists and (yes), journalists, that missed the tech stock bubble of the 1990s are now seeing bubbles everywhere they look.

Even if there is a price drop in some areas (like housing), a 25% plunge wouldn't be comparable to the tech stock bubble bursting, which wiped out 80% of shareholders value, he reasons.

"We advise not taking the wrong lesson from Bubbles past," Ritholtz writes. "Instead, investors should be flexible and adaptable when confronting the unknown."

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