Not Seeing the Bubble in Front of You

I like John Phipps, but I have to conclude his crystal ball has a bubble in front of it. In this post
triggered by the inability to buy a $300,000 combine, he says:

" In every bubble (which this well could be) the secret was to bet heavily early, and I think this is still early because we are not sure it's a bubble yet."

I think he's wrong--when most people agree it's a bubble, it's too late. (See the tech bubble, see the housing bubble.) It probably made sense to buy farmland in 2005, maybe even 2006, but not in 2007. (I keep remembering the state specialist in Iowa who almost bought a farm too far in 1979.)