There's definitely a bubble in markets - bubbles happen because of need for cash, not good future estimates

We're at 80% on bubble indicator scale - similar to 1929 and 2000 levels

Don't sell just because there's a bubble, but correlations show very low returns over next 10 years in this territory

We are in bubble territory but don't have the pricking of the bubble yet

Recommend well-balanced diversified portfolio with gold as hedge against debt problems

Private equity and venture markets have problems - can't sell deals, get cash out, poor returns