When will the bubble pop?

Value-investor Jon Shayne has a couple of interesting posts about the Fed's exit strategy, and Washington Irving's description of the credit bubble in 1880.

Note that value investors assume that assets have fundamental value, and that price can depart from fundamental value.  They make money by buying when prices are below this value, and selling when they are above. 

Value investors have to be notoriously patient, because the wait for stocks to return to fundamental value can be a long one.