Is it a bubble or is it not? That seems to be a very good question as more and more people pile money into different parts of the world.
My gut feeling is that China may be a bubble whereas India is not. I have no experience in making such calls so feel free to ridicule me. My logic? India's growth is based on (somewhat) more sound economic principles whereas China feels to me like a house of cards being built up by the government and well-connected industries.
I've also been reading about funds heading into Israel and parts of eastern Europe. If things settle in the Middle East, I can see a lot of excitement in that area as well.
SiliconBeat: Wilson Sonsini: VCs going to China & India at unprecedented rate