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Benedicte Gravrand, Opalesque Geneva:

As U.S. stock indices and some other asset prices are reaching dizzying heights this year despite low growth and high unemployment, many are worrying about possible bubbles.

Robert Shiller, won this year's Nobel Prize for economics, recently pinpointed the U.S. stock market and Brazilian property market as areas of concern, for example. Nomura Securities strategist Bob Janjuah warned that over the final three quarters of next year and into 2015, there "could be a 25% to 50% sell off in global stock markets."

However, Janet Yellen, the nominee to head the Federal Reserve, says the U.S. stock market is not in a bubble, judging by traditional valuation metrics. Former Federal Reserve Chairman Alan Greenspan seems to agree. Even with the rise in equities, the U.S. economy is restrained by a "degree of uncertainty" that is reducing investment, he told Bloomberg TV, adding that economists who forecast 2.5% to 3% growth next year may be too optimist......................

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