You're taking my analogy too literally. I meant a wave that is just a wave. there are certain elements of the current situation that do seem awfully familiar

You're taking my analogy too literally. I meant a wave that is just a wave. there are certain elements of the current situation that do seem awfully familiar Perhaps, but I've been involved in the startup world since around then, and the fundamentals that made the dot-com bust what it was are not present now. People didn't know what they were doing back then, and every MBA was sure he knew he could make millions with a .com domain name. There was a lot to learn. Not everything has been worked out, for sure, and irrational exuberance rears its head more often than we'd like. But this is not a repeat of the '90s bubble. Companies are making real money, and are able to sustain it. The general public is used to what the internet is and is willing to do business with it. The first generation of internet-savvy youth are coming of age. There are few IPOs, and the companies that have done so (e.g. OpenTable) are profitable and growing. That's why I insist that we are not in a bubble -- not a stock market bubble, not a tech bubble. There are overinvestments, but they're not going to bring the industry or the stock market to its knees. Chicken Littles are running around yelling that the bubble is coming, and a few people are trying to reason with them. I'm attempting to be one of those people.