The tough part for investors is that our market is around fair value. The issue is that markets spend plenty of time above or below the line and this is where the profits are to be made. I believe the Australian market can overshoot to the upside with low rates and rising confidence. There could also be some major switches initiated from some of the larger broking firms so be aware but not alarmed. The deep value remains in the junior and mid-cap resources, but the financial press and mainstream commentators have scared off the majority, bar the seasoned speculators. I'd rate the likelihood of multiple bubbles here as being good, but they may only get to our friends in NZ. This time isn't different