Where is there no bubble yet?

In a situation where the money supply will continue to increase very rapidly, at equilibrium, asset prices will rise excessively and bubbles will multiply. However, bubbles are likely to concentrate in the most attractive assets, those into which investors are driven to concentrate , at the expense of other, less attractive assets. This is the case for example of: “Green” bonds relative to bonds as a whole; ESG, technology and pharmaceutical equities relative to equities as a whole; Commodities, with a view to vigorous, across-the-board global growth; Residential real estate relative to most commercial real estate; Cryptocurrencies and probably precious metals, due to the scarcity of their supply; Asian emerging equities, given that region’s vigorous growth. Among all these assets that can be expected to be attractive and therefore candidates for a bubble, no bubble has appear ed so far in the case of green bonds, ESG equities, residential real estate, gold or emerging market equities.