> 2015 has seen the lowest level of tech IPOs as a percentage of all IPOs in seven years. Healthcare and finance are leading the IPO percentage. That seems to

> 2015 has seen the lowest level of tech IPOs as a percentage of all IPOs in seven years. Healthcare and finance are leading the IPO percentage. That seems to reflect new opportunities created by legal changes (ACA + Dodd-Frank). I'm not sure you can draw much of a conclusion about tech bubble status because regulatory changes have fostered growth in other industries. > The S&P Tech P/E is lower than the overall S&P P/E. Neither of these facts seems suggestive of a tech bubble. Overall tech P/E may be low, but the recent names are filled with companies that are not making profit, and don't appear on a path to do so over the next few years. Examples: Pandora (-0.65 eps), LinkedIn (-1.15 eps) and Twitter (-0.86 eps), Zynga (-0.20 eps), Trulia (-1.82 eps) and Zillow Group (-2.47 eps), Box (-1.66 eps), Etsy (-1.02 eps) and Shopify (-0.23 eps). (To be fair, there are "winners" Facebook, Kayak, GoPro, Fitbit). I'm not sure you can draw a conclusion about a tech bubble by looking at entire sector. Recent names seem to justify the "unicorn" meme.