My thanks to this veteran investment manager for his original and interesting report.  Here is a brief sample:

OK, QE is not held in such regard as the events described above, but it has assumed a similar quasi-religious mystique, such that perceptions and emotions, engendered by a reckless monetary policy has undoubtedly (yet again) driven values up to distorted levels. In some cases one can probably already use the word ‘bubble’, e.g. agricultural land in the US, top quality art, Hong Kong and much other real estate, US small cap equities, social media equities. And unlike the other historical examples of new, new things – QE actually ‘produces’ absolutely nothing of any value. Rather, it merely robs one part of society on behalf of another with no ‘by your leave’ from the former.

David Fuller's view

This report is worth reading for the non-conventional perspective provided.