Another thing to consider are the built-to-flips. We never had that in the .com era. Where companies where built with the expectation that they would be bought

Another thing to consider are the built-to-flips. We never had that in the .com era. Where companies where built with the expectation that they would be bought out by a larger player. That eco-system is enjoyed by all parties in it. The large players are actively encouraging this form of company and are purchasing the ones that rise to the top. This means that public exits do not have to be the only strategy for a company and creates a secondary market of purchases therefore offloading some of the risk that a company in the end must become profitable or be able to exit via public funds. The dynamics of the market have changed and many that are claiming a bubble look at the market with the same dynamics that the .com bust had. It's hard not to do, given that it was pretty traumatic for everyone involved but there are different forces at work today and the market has become more resilient. I think it will eventually bubble, but I personally think there is runway left. I am more concerned about the capital flight from the Euro and it trying to find a place to nest than I am with any of the news out of the Vally.