What was and what was not a bubble?

Central banks have started to drive up real interest rates and reduce the liquidity they provide. They have therefore cut the oxygen for asset price bubbles. When we look at recent trends in asset prices, we then see: Those assets whose prices have held up: their high price was then due to intrinsic value, not to a bubble inflated by excess liquidity and negative real interest rates. This is the case for example of real estate, Investment Grade bonds and gold (the resilience of real estate prices is nevertheless surprising); Those assets whose prices have fallen: their previous high prices were therefore bubbles linked to excess liquidity. This is the case for example of equities (especially tech), cryptocurrencies and High Yield bonds .