Denial is not just a river in Egypt

"GOLDMAN: Here Are 4 Reasons Why You Can't Say The Stock Market Is A Bubble
Valuations are not in bubble territory. "While valuations are quite expensive and certainly imply lower returns over the next five years, normalization of valuations over time does not imply “implosion” or even negative annual returns. Furthermore, our economic outlook supports our moderate earnings-per- share growth expectation of approximately 6% for 2014. Therefore, based on our view of a reasonable set of assumptions, equity valuations have not deviated from intrinsic value significantly enough to be in bubble territory."
 Read more: http://www.businessinsider.com/goldman-why-stocks-are-not-in-a-bubble-2014-1

RICH BERNSTEIN: There Is No Equity Bubble Equity Bubble? No. A growing contingent of market observers is fearful that the US equity market is in some sort of a bubble. We disagree completely with this notion. A strong market rally that many investors have missed is hardly sufficient grounds for a financial bubble. ...  While there is no doubt that investors’ fears regarding equities after the 2008 bear market have started to subside, this is a normal occurrence for a mid-cycle environment. The euphoria that is typically present at market peaks has yet to occur.
Read more: http://www.businessinsider.com/rich-bernstein-no-equity-bubble-2014-1