Despite what this article says and it's true that certain sectors tend to dominate as a percent of the S&P 500 like tech during the dot.com era, most people don't see it as a bubble because the fear of missing out or of getting out too soon blinds them.
Leaving money on the table during bull markets for many is the cardinal sin of investing.
And then there are things like it's-different-this time and new paradigm babble such as prevailed during the Greenspan years. The grossly popular Niffty-50 of the bull market of 1960s and early 1970s are just another example of how investors get hoodwinked by new era talk.
Hailed as "one-decision" wonders investors believed they could be bought and held forever; that is, until along came not a guy named Jones but the nasty 1973-74 bear market, one of the worst bear markets of all time.
http://www.businessinsider.com/chart-bubbles-within-sp-500-2014-4
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