Although history is often a good predictor of future trends, every now and then something fundamental changes that makes for a new pattern. The important question now is whether today’s high asset prices are the result of some such fundamental development, or whether bubbles have formed.
世界范围内的资产价格—股票、商业不动产，甚至石油—都处在历史的高位。虽然通过历史可以很好地预测未来趋势，但根本性的变化不时发生，从而催生新的模式。现在的一个重要问题时，今天高企的资产价格是否是某些根本性变化的产物，或者说泡沫是否已经形成。