The more "bubbles" there are the more diversified risk is.
The high-tech speculative market will not burn the general investment community only the speculators.The same could be said of the speculative precious metals markets.
Of more real concern is the shadow foreclosure market in the USA. A lot of the real peril of banks and other mortgage lenders equity is hidden right now.
US SEC rules allow for the carrying of oil assets at the old price of near $100 a barrel.
The Price of Oil Is About to Blow a Hole in Corporate Accounting - Bloomberg Business that is a shit storm waiting to happen ...