What’s happening: The S&P 500 remains just below its all-time high, while the cryptocurrency ethereum notched a new record on Tuesday, jumping above $3,400.

That may seem like good reason for investors to consider taking money off the table, avoiding heavy exposure to a potential crash. But in new research, JPMorgan explores a different approach: What if investors choose to invest in bubbles, and not around them?

To bolster this argument, strategist John Normand makes a few key points. First, he notes that extreme valuations are fairly common — though more so for stocks and commodities than for bonds — and can sometimes last for “many years.” Second, he writes that “80% of expensive markets that crash spectacularly eventually make new all-time highs.”

This could allow some investors to argue that they’re not looking at a series of “irrational bubbles.” Instead, some price jumps could just be the result of overexcited investors who…

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