Company mergers reach fever pitch. Speculation in untested companies becomes rampant. Investors buy because they think the share price will rise not because the shares are good value based on expected earnings. Property prices start to take off. The weight of money argument is dragged out to explain why shares will continue to go higher.
Borrowings are at high levels.
Share prices of established companies have been rising despite signs that corporate profits are falling. Multi-billion dollar mergers are now commonplace. The US property market is starting to froth and the bell-hops are buying feverishly. Private debt in the US is high, increasing the danger of a downturn. The weight of money argument is again being trotted out.