But it's a chronic or widespread overvaluation of something, right? I guess I just don't see how professional investors could be snowed on a grand scale. Even

But it's a chronic or widespread overvaluation of something, right? I guess I just don't see how professional investors could be snowed on a grand scale. Even if there is a bit of a trend in, say, social media - that doesn't mean an incubator is going to be taken in by a nonsense pitch, does it? I would think you would need a lot more money from less educated or indirect sources to start passing off unquestionably weak companies, due the heat of the sector. (e.g. people trusting their long term money to money-managers with conflicting short-term incentives who are willing to gamble on known-bad goods on the assumption that they can find a bigger idiot to sell to before the music stops. Which essentially describes the entirety of the IPO and CDO nonsense in the last two bubbles.)