In April of 2018, Rob Arnott, Shane Sheppard and I published an article entitled, Yes, It’s a Bubble, So What?. Given the turbulence of the intervening fifteen months, and to hold our feet to the fire, we felt a follow-up was in order (Bubble, Bubble, Toil and Trouble). For perspective, both articles are available for download and comparison. To summarize very briefly, we continue to believe that at current nose-bleed levels for stock prices, bubbles abound. But that does not mean there are no opportunities for conservative buy and hold investors. Download the articles and decide for yourself.