You misunderstand. > In a bubble there is always someone with a “great” idea pitching an investor the dream of a billion dollar payout with a comparison to an

You misunderstand. > In a bubble there is always someone with a “great” idea pitching an investor the dream of a billion dollar payout with a comparison to an existing success story. In the tech bubble it was Broadcast.com, AOL, Netscape, etc. Today its, Uber, Twitter, Facebook, etc. He's not saying that Uber, Twitter, and Facebook have no value. He's saying that today's startups that are comparing themselves to these success stories are drastically overvalued.