Here's where the bubbles are—and aren't: Citi

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Are global stocks in bubble trouble? Not really: Pro

While they're not exactly singing "Bubbles, Bubbles Everywhere," at least one Wall Street firm is acknowledging that prices in some areas are getting overblown.

Citigroup strategists released a list this week of global financial market sectors with bubbly valuations, and they're popping up in some unusual places.

"Maturing bull markets usually produce bubbles," Citi equity strategist Robert Buckland and others said in a note to clients. "These are based around a convincing idea (Secular Stagnation?), fueled by cheap liquidity and destroy many contrarian investors."

"Secular stagnation" is an economic theory promulgated by experts including former White House advisor Larry Summers that states the global economy is in a long-term period of slow growth that essentially is immune from policy stimulus.

And, of course, cheap liquidity can be found in almost any corner of the world as the Federal Reserve and its fellow central banks keep interest rates anchored near zero and pump up their balance sheets.