It's easy to identify a bubble in an investment market after it's burst.

But much, much harder as it inflates.

The following "infographic" attempts to show the various phases of an investment "bubble" and the market characteristics during it's cycle.

Where might we be in the various markets? Think about how long we've had constant media attention on residential property prices in Auckland.

"New Paradigm" refers to people saying "this time it's different". Have you heard that recently?

Food for thought.