Investors enthused by rising market, especially among lower-cost punts

[Musicwhiz]

Actually, my impression is that the "big boys" represent the "smart money" in the system, which means they were already in during the early stages of the bull market/late stage of the bear market and are now sitting on comfortable profits and with a significant margin of safety.

Of course, there will be people who punt and expect to make large oversized gains in a short period of time; but the question to ask is whether this is sustainable in the long-run, and whether they may get badly burnt with the risks they are taking on.

As to the question of over-valuation, it is subjective as it depends on your assessment of the fundamentals of the business versus its market price; and whether the business will ever be able to reach that kind of lofty valuation. An example from my own personal investing experience was Swiber being priced at $3.00 - overly-optimistic at the time on the O&G sector and without regard to the realities of the business, but I was blind to that at the time.