Yeah, I mean there's a chance they're wrong and some chance they'll eventually be right. At this point it's clearly impossible to say for sure what the outcome might be. There were plenty of people in 2005 saying there was a housing bubble in the making and plenty of evidence that they were wrong. Were they right but too early? Were they wrong on fundamentals but happened to have guessed right? We could be seeing something similar here where the nay sayers are right for the wrong reasons, or they're simply haters whose desires may align with the eventual outcomes. Or not.

I remember reading this for years before the dot com bubble imploded, years before the housing bubble impoded, and months before the market woke up to the fact that COVID existed. (At least governments decided to print that last one away.)

On a more serious note, the fundamental issue in the first two crashes was that the markets stopped being able to rationally price things. My view is that this doesn't always mean there will be an immediate crash. It just means that when the inevitable downturn does happen, nobody will be able to figure out the correct pricing for anything -- and so a correction turns into a catastrophe.

Bubbles can last much longer than a couple years. The housing bubble in the US that finally popped in 2008 was building for at least a decade.

The market can remain irrational longer than you can remain solvent