I feel like Marc and David are arguing two slightly different points. David is arguing that the rate of creation of immensely large tech companies has slowed d

I feel like Marc and David are arguing two slightly different points. David is arguing that the rate of creation of immensely large tech companies has slowed down. Ten years ago every other companies was becoming a billion dollar behemoth but these days you get acquired for immense outlays. Marc is saying that we'll keep on having companies successfully getting bought out for years to come. I think they're both right. It sounds like David is arguing a bit about The Great Stagnation at work [0] combined with how much easier it is to get $5 mil than $15+ mil. There might be a lot of $15 mil left, but we might be exhausting this generation's $5 mil ideas. In terms of the overheated climate we're living in as a whole, I think the party will keep going on as long as interest rates and inflation keep being so low. All of these companies have piled up immense reverses because the penalty from keeping it liquid is so minimal. In turn there's a lot of space to keep paying people these million dollar bonuses while generating the occasional cool new innovative feature. This last bit is speculation on my part ofc. [0] http://www.economist.com/blogs/freeexchange/2011/01/growth_2 http://www.economist.com/blogs/freeexchange/2011/01/growth_2