Hi, In a separate thread on the ASX200 hitting 5000, the following question was posed which I thought justified a new thread about the macro-economic environment at the moment and what markets still represent good value, and which are overvalued. My response would be "Nah, she's got HEAPS left in her yet. Are we in a bubble?...don't think so." And here's a link to some interesting information which helps form that view: Check this article out by Dr Shane Oliver, Head of Investment Strategy and Chief Economist at AMP. This might help paint the picture a bit clearer for you, and also shows quite clearly why investment properties are set to stagnate for years to come. In fact there's another specific article on that, if you're interested too. In fact, most of Oliver's Insights make excellent reading. Here's a link to all of the past issues. I strongly recommend: House Prices - Possible bounce but in the context of long term stagnation The return of volatility Great diversified fund returns but why bother with diversification Are Australian shares overvalued relative to global shares Are Australian shares in a bubble The sun really is rising in Japan Australian house prices: overvalued, overowned and set for stagnation That should get you started in your "contextual" macro-economic education. Every good investor should understand the "environment" they are investing in... Cheers, Michael.