Are all stocks in a bubble?

Are all stocks in a bubble? I think the answer is a lot more nuanced, although I can see certain asset classes and areas of the stock market are clearly in bubble territory, there is still lots of value.

Passive investing is responsible to a degree for a total mismatch in valuations and I personally believe we will likely see a market similar to the dotcom bubble peak when cyclical bull markets commenced while overvalued tech peaks and corrected lower.
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