He's using the low valuation of real tech companies (like Cisco) to argue the absurd value of social networking websites isn't out of whack. I don't agree with

He's using the low valuation of real tech companies (like Cisco) to argue the absurd value of social networking websites isn't out of whack. I don't agree with this logic at all. Although Groupon and Facebook are websites, they are really marketing companies. The bubble is in the value being placed on social networking audience sizes.