Dominic Frisby, of MoneyWeek, wrote in November 2009:
 
“One of my definitions of a bubble is ‘a bull market in which you don’t have a position’. How many of those that say gold is in a bubble are acting out of resentment over the fact that they have missed the move?”
 
Frisby wrote in September 2011:
 
“I’ve always rather liked my definition. ‘A bubble is a bull market in which you don’t have a position’. There’s nothing so frustrating as seeing someone of undoubtedly inferior intelligence earn fortunes while you’re sat on the sidelines. So you declare his market a bubble. But I doubt my definition will ever make it into the conventional lexicon, ...”
   
Frisby’s definition of a market “bubble” might not be in a convention lexicon, but it’s been repeated often in the financial community.
 
 
MoneyWeek
Dominic Frisby
Biography
Dominic is MoneyWeek’s commentator on gold and commodities - and is a private investor, focusing on junior mining companies. He is the presenter and producer of Frisby’s Bulls & Bears - an internet radio show in which he discusses financial and economic matters with leading lights of the sector.
 
Dominic was educated at St Paul’s School, Manchester University and the Webber-Douglas Academy Of Dramatic Art. He is also one of the UK’s leading voiceover artists, a TV presenter and stand-up comedian.
 
Interactive Investor 
From Dominic Frisby, in London
19 November, 2009
Money Morning
(...)
One of my definitions of a bubble is “a bull market in which you don’t have a position”. How many of those that say gold is in a bubble are acting out of resentment over the fact that they have missed the move? A fair few, I daresay.
 
Twitter
Chris Grande‏@ChrisGrandecom  
“A bubble is a bull market in which the user of the derogatory term has failed to participate” ~ Jim Grant #in #fb
7:18 PM - 21 Jun 11
   
MoneyWeek (UK)
The most dangerous bubble of all
By: Dominic Frisby
21/09/2011
(...)
I’ve always rather liked my definition. ‘A bubble is a bull market in which you don’t have a position’. There’s nothing so frustrating as seeing someone of undoubtedly inferior intelligence earn fortunes while you’re sat on the sidelines. So you declare his market a bubble.
 
But I doubt my definition will ever make it into the conventional lexicon, so we’ll have to agree on an alternative in today’s Money Morning, as we consider whether the government bond market is in a bubble or not…
 
Google Books
Ouch!:
What you don’t know about money and why it matters (more than you think)
By Paul Knott
Harlow, England: Pearson Business
2012
Pg. 1942:
According to Van Boening et al.‘s somewhat dry definition, a bubble is ‘trade in high volumes at prices that are considered considerably at variance with intrinsic values.’ The more humorous one being ‘a bubble is a bull market in which you don ‘t have a position.’
 
Twitter
ARENA BURSATIL
‏@ARENABURSATIL  
“definitions of a bubble is “a bull market in which you don’t have a position” (Dominic Frisby, Money Morning) jaja #FrasesDeBolsa
9:46 AM - 11 Jul 12
     
Property Observer (Australia)
Tale of two property markets, the positive and negative media narratives: Pete Wargent
By Pete Wargent
Tuesday, 20 August 2013
(...)
There’s an old saying in investment circles (which is claimed as their own by a few people) that says: “a speculative bubble is a bull market which you don’t have a position in.”