"We're not talking about a frothy market."

"Now, with this frothy market, it is a lot more profitable than it has ever been before, but it is no longer as safe."

That's quite a feat during a time when frothy markets were allowing most anything to come public.

Those are breathtaking moves, one-day declines that might have taken months in less frothy markets.

"I'm not seeing the kind of vision thing associated with a frothy market."

The people staking claims and drilling underground are, in the meantime, happy to see the frothy market become frothier.

At least 80 percent of its holdings were bought as new issues, and that percentage has probably jumped in this year's frothy market, Mr. Auriana said.

The managers of these funds have been around too long to let today's frothy market unnerve them.

The next meeting of the Fed's policy-making committee, in February, "is going to draw a lot of attention to this speculative frothy market," he said.

A standout performer among investment newsletter writers last year was a stock market bear whose most recent gains came thanks to a frothy market.