Liquidity is so good the temptation is just to jump in and enjoy the gravy train. The risks seem to be well known. Furthermore, companies resembling Allco and Babcock and Brown seem to absent from today's equity markets.
The killer is that nothing is cheap, but at the same time everything seems to be priced right when taking interest rates, inflation and earnings into consideration. This is why markets show no sign of correcting.
Even so, the idea that you can manage supply into a market and suppress competition so well so that there is never a need to discount is probably idealistic. Otherwise, you just have a monopoly and price bubble.
