Another characteristic of past bubbles is the heavy hand of the government reaching in to stir up the free market pot with regulations and price manipulation, according to Mansharamani.

When questioning the presence of an asset class bubble, he suggests investors consider politics.

"Are we seeing the government distort behavior because of tax policies, incentives, ceilings, price floors or subsidies of any sort? And, are we getting moral hazard in the sense that they will protect you if you are failing?" says Mansharamani.