caution is paramount here, page-4

Antibotter, I share your thoughts on the dangers of bubble-building in certain stock markets. However, wouldn't the usual behaviour pattern in such a situation favor fundamentally strong stocks like Lynas. When investors are no longer willing to pay high PER stocks because they are perceived to be too risky, the money would recur to utilities, telecom and mining companies, which offer a bargain PER since they have not been part of the recent rally. Alternatively, money will be parked cash deposits for a transitional period and then re-allocated (since interest increases are still a long time away).

LC