Manias exist because a popular point of view becomes over-exploited. A willingness to act in advance, when the negative catalysts are still unclear, and risk leaving money on the table, is the only certain escape. When you do that you're locking in the value of your assets. Gold is probably undervalued and since the price hasn't risen, it has little of the downside risk carried by high-priced assets. There are few alternatives to the over-valued assets in most portfolios.
Gold leads the list.
Recent hedging disasters in major gold mining companies such as Ashanti Gold Fields and Cambior prove conclusively that actual gold in your physical possession is much safer than gold stocks. Here again, a massive drop in real estate would to some extent be offset by a rise in gold. Art, Antiques, and Collectibles. The value of these assets appears to be in a blowoff stage as prices double and redouble in an ever-shortening time span. A steep decline in stocks will crush these assets and liquidity will deteriorate.