In an economic environment where all assets seem to be overpriced, it continues to be more of a challenge not only to find undervalued assets, but also to find assets that could withstand a marketwide correction. Not just a stock price correction, but a complete market correction.
Robert Shiller discusses the price inflation of stocks, bonds and housing and explains why everything seems to be overpriced and how it may stay that way for a while. People seem content with paying higher and higher prices to 1) ensure that they make paper profits in the short term and aren't left out of the party and 2) can hopefully take ownership of assets that would at the very least keep their value if things go south. Just because things are rising in price doesn't mean that they should be seen as valuable. It also doesn't mean that the prices we see today are justified because everything else is overpriced as well. Markets have a way of sorting themselves out, and as prices continue to rise without a clear economic driver, it wouldn't take much to drive prices back towards their real value once people realize that there aren't any real life boats.