What other investments would you consider? To me, if there are bubbles going on, the stock market is in one as well, as is real estate, etc. I've looked at the other investments available, and they also either seem very inflated, with room to fall, or stagnant and not able to keep up with inflation.
I'd prefer to hold cash in a savings account, but the rates are so low now it just doesn't make sense to hold a lot in cash. I don't feel that safe in the stock market either.
Personally, I only consider equity and debt instruments. Other than that you have commodities (oil, gold, digital/crypto assets...) but commodities are basically speculative assets (from an investor's perspective). They require the ability to predict future prices with accuracy, which I don't think I possess. And if you're unable to predict future prices, the optimal portfolio to hold is one consisting of a total-market equity fund and a money market fund, in whatever proportions you prefer. This is known as the two-fund theorem. If you're interested in learning about "passive" investing, I can recommend 2 youtube channels: Ben Felix and the plain bagel.
I'd prefer to hold cash in a savings account, but the rates are so low now it just doesn't make sense to hold a lot in cash. I don't feel that safe in the stock market either.