Mania

A mania is a mania, and the experts are caught in it just as the public is.

- Marc Faber

Is it possible for a layman investor to go against the crowd and avoid the trap? Yes it is possible, if you know the past history has given us enough to learn how many times the manias repeat. Once you know the valuations are stretched, make sure the business you own have solid strength to overcome any short term adversities and there is a good management in place to drive the business. If these two criterias are met, just stay on the sidelines and just watch the show. Dust off the "The Intelligent Investor" from your bookshelf and read it again and that should comfort your thoughts.