"what the difference is between a "bubble" and "very overvalued"..."
good question. I reckon that the diff is that one is regarded as a far more emotive term which infers that a severe reversal is on the cards when the bubble pops. Its obviously very unsettling for market participants to hear the word 'bubble', so is always refuted by the experts with vested interests.
'Very overvalued' is a more benign descriptor of what is basically the same thing. I guess it implies that value will gradually return instead of suddenly correct.
