The point which everybody seems to be missing (Thiel included) is that "overvalued" or "undervalued" is never in absolute but should always be relative to inte

The point which everybody seems to be missing (Thiel included) is that "overvalued" or "undervalued" is never in absolute but should always be relative to interests rates. If you have low interests rates like now many crazy valuations are actually not so crazy (well in tech they are crazy anyway but outside of tech not so much). That's because the cost opportunity of employing 1€ in equity is very low since debt is giving you little. All the future cash flows therefore get just a small discounting factor.