Bubble Stock-Watching: Fluor, Jacobs

This was originally published on RealMoney. It is being republished as a bonus for TheStreet.com readers.

We all smirk at investment bubbles after they have burst. But buying into a bubble at the start can make you rich. We have seen the Internet bubble of the late '90s, and the bank stock bubble as the Fed turned on the spigot in 2001. This, of course, led to the real estate bubble that helped fuel the commodity bubble.

So where is the next bubble? In my opinion, it already formed in the infrastructure stocks. The stocks went through the roof, and even though they have traded off somewhat, they still appear richly valued.

It is no secret that there is a growing need to fix the nation's and the world's infrastructure. We see problems almost daily with electrical grids, water plants, and highways and bridges. The spending will be enormous and will last for several decades. ...