Like stock prices, property prices are such fodder - everyone has an opinion on them. Unlike open heart surgery or anesthesiology, it's one of those things that doesn't require one to be an expert. Whether you're an expert or novice, you probably have an opinion on how it should be. Paul Roos and I spoke about this in episode 11 of the Masters in Investing podcast.

I was fortunate enough to grow up and catch a little glimpse into the world of whispering stock tips, ego, greed and speculation - the late 90's and leading up to and including the GFC. I never really got it, but as a young kid, what did I know? All these experts must know more than me. I mean, look at them, in their blue pin stripe suits, driving around in their flashy cars. So I hired a stock broker to help me - I was no expert.

Last week I wrote about why the stock market is hitting all time highs (ATH), beyond factors such as low interest rates and central bank intervention.

People forget the stock market is basically a bunch of businesses operating like any other private business. They sell stuff, a product or a service, they make money, they incur expenses, all the pursuit of making a profit. Profit that can either be reinvested back into the business to help it grow, or profit that can be distributed to it's shareholders - this is the return on the money someone invested in the business.

Legendary investors are far and few between. This however, doesn't stop anyone from trying - and it certainly shouldn't. Eventually though, you realise what you're good at and what you're not so good at. This however, doesn't stop most people either. Unfortunately, the power of narratives keeps the population interested long enough for the music to keep playing. It's not until someone drags you out of the nightclub, and you sober up the next morning to realise how embarrassing it was - how ashamed you feel.

Australian property prices are a bubble, and the bursting of the bubble is imminent. This is the narrative by most commentators and finance experts. As the financial year comes to an end, scoreboards are being updated and the analysis begins.