I think we all romanticize that we're going to sniff out the bubble the day before everyone else and get rich and famous for it, but at the end of the day I don't think 15.5 times earnings for the S&P 500 is in bubble territory.
I think that there's been some real changes to the market because of the quantitative easing. And the number one important thing is that basically companies have all pushed out their financial obligations for 2 or 3 years so the balance sheets are in great shape and the risk of bankruptcy is very low. That's been a big change over the last few years.
If we're about to head into a bubble, then you'll want to be long for a while. I think everyone wants to call in and talk about it. If you want to call the top of the cycle, two things would be in place. One is hubris. And the other is debt. Hubris meaning some form of management arrogance gone awry. ... I don't think we're very frothy on that point.
~ Adam Parker, Morgan Stanley market strategist, as appeared on CNBC's Squawk on the Street, March 11, 2014