Are a few firms overvalued right now? Of course. But that's nothing new. Healthy markets have a mix of overvalued and undervalued stocks. The main difference t

Are a few firms overvalued right now? Of course. But that's nothing new. Healthy markets have a mix of overvalued and undervalued stocks. The main difference today is that most rational investors understand the diversity of software firms. The business model and drivers of a company like Facebook differ wildly from a company like Workday. But back in the 90s, they both would have been lumped in together as "tech stocks". The only common ground between tech firms today is that they often compete for the same talent and investment. But that seems to be changing slowly as the industry matures.