Respectfully, I can claim anything I want to claim. As for it being a bubble.... well... a bubble happens when the net yield does not match the net value.
Yields have been going down, but value has been increasing.
While some folks may obsessive-compulsively nit pick at whatever number I presented, the situation is the same, regardless of the numbers I present.
Graph the value to yield over the last 3 years and see for yourself. It's a bubble.
And I have the right to claim it's not
Yes we can have different views about what is a fair value of them, but the as long as the ROI is over 10% I can't see how you can call it a bubble. The average ROI on stock-markets in the long run is about 7%, I think.
Instead of just looking at the price-trend, can you say what kind of ROI you think they should have?`And if it's a bubble... why are you not selling them? Sounds a bit.... strange?
I can think of different reason why the CLD increase, even with a lower payout. Players have limited amount of money they can invest, so even if they was happy with the return and wanted to buy more, they did not have money for it. So now they are buying more when they have some money over, even if the ROI is lower, they still think it's good enough to buy more of them. People are also by nature skeptical about new things, so it took a while for people to understand how the CLD work and that they actually got some nice money from it. After some years they feel more contended about them and are ready to buy more.
So If you can't point on more facts on why you think they are over-priced, I'm not that impressed about your "It's bubble!" argument. "Because they was much cheaper before" is not a good argument in this case.
As I have said before, I don't claim they are risk free and will not go down, It's a high risk the price will be lower in the future, but they could also increase even more, depending on the future of Calypso.