> Are we in a race to see who can pop the bubble first?

Just because it's a bubble doesn't mean money can't be made.

If you're worried it and the risk involved, perhaps go from 100% equities (100/0) to an allocation that has some bonds (90/10, 80/20, etc). Rebalance as things get out of whack.

There are products that do this rebalancing for you: target-date funds that increase bond allocation as you get closer to retirement, or fixed-allocation all-in-one funds (VASGX, VSMGX; CA: VEQT/XEQT).

Having some bonds and rebalancing would have saved US domestic investors in the so-called Lost Decade of the '00s:

* https://www.forbes.com/sites/advisor/2010/09/13/its-not-real...

They all know it’s coming, if it pops before they ipo then they don’t get their billion dollar payday, they have every incentive to move quickly.

As you likely know, rules have recently been changed that basically force many 401k funds to invest in these IPOs while simultaneously having a relatively small number of the initial IPO to be sold to the public forcing the funds to by at inflated prices.

The bubble won't pop until these retirement accounts of have been raided.