As the stock market reaches new heights and valuation multiples tick higher, more investors are wondering if we are entering into "bubble-territory." Does all of this mean we are due for a big crash?

In the following video from The Motley Fool's everything-financial show, Where the Money Is, analysts David Hanson and Matt Koppenheffer are joined by economics aficionado Morgan Housel to discuss why the picture is more complicated than just some common valuation multiples hovering above long-term averages.

Morgan highlights the importance of international profits and the irreparable damage from missing the next bull market.