Gosh, I don't get to agree with jamin very much. Might as well take a stab at it.
Although many people have been badly hurt economically in the last year, I think there's an awful lot of cash sloshing around among the affluent looking for reasonable investments. Regarding stocks, I don't really care much about "meme stocks" and price manipulation; that's just silliness that will end badly for a lot of neophytes and short-term traders. (It reminds me of the "day trader" phenomenon during the "dot.com" craze in the late nineties.) The bigger problem is that current stock prices generally seem justifiable only by (1) some extremely robust earnings increases in the coming years and (2) the paucity of alternatives. Regarding bonds, the entire yield curve is so low that it seems unlikely that high-grade bonds purchased now will provide yields that will even match inflation. Cash and money-market accounts are even worse.
I'm not so sure that there is a secular bubble in the housing market, although I think that high costs of building materials and labor are contributing to an already short supply of new houses and extremely low mortgage rates to move prices sharply upward. I do not see the highly speculative frenzy in the housing market from, say, 2001 to 2008, when it seemed that everyone was either a real estate agent or a real-estate investor, and mortgage lenders, credit rating agencies, investment bankers, and government agencies were enabling an unsustainable spree of housing purchases by unqualified buyers. By contrast, things as simple as more honest appraisals, credit background checks, more conventionally structured mortgage loans, and higher minimum down payments make me feel much more comfortable about current sales prices.
I'm not sure that the commercial real estate market is in a bubble. Everyone knows that office space will be harder to fill, landlords may get stiffed, and brick-and-mortar stores have their work cut out for them. It's conceivable that there are at least pockets of good value in the commercial real estate market for contrarian investors.
I don't really care much about commodities, which usually strike me as either inflation hedges or gambling chips.
I agree that NFTs, at least some of the cryptocurrencies, and art works and other collectibles seem obscenely priced. I will add that the growth of so-called "SPACs" also make things feel very bubbly.
All of that said, I doubt I'm going to things much differently. I just don't expect to get the generous returns of the last dozen years. My more immediate concerns are the risks of widespread inflation and changes in income tax rates and treatment of capital gains and wealth, which may be justified to a significant extent but are nevertheless disruptive.