The Financial Outlook for Personal Investors: If the market is in a bubble, what stage are we at?

Russ Mould, Investment Director of A J Bell, asks whether markets are currently in a bubble. If they are, what are the various stages common to bubbles over the years and the centuries and what stage have we reached? For those investors concerned we ARE now in bubble territory, what are the options? And, as an aside, why do the regulations (and blame) always concentrate on short selling and not the overenthusiastic buying that drives the bubble in the first place?