Spotting bubbles and predicting they will burst at some point is not a particularly useful skill. Housing in Amsterdam was in a bubble for 37 years in the 1700s; identifying the bubble early on would have been completely pointless.

So what should one do when one notices a bubble?

If I had a reliable / repeatable answer to that question, my net worth would be a very large multiple of what it currently is!

And a Nobel prize in economics to your name!

Try not to be caught up in it, even if you feel a lot of FOMO as it lasts longer than you expect.

Sure, but predicting when an economic bubble will burst with any accuracy is virtually impossible.