Ultimately, the old rules always apply -- companies without revenue, that continue to spend at a deficit, cannot go on forever, it's as simple as that in the lo

Ultimately, the old rules always apply -- companies without revenue, that continue to spend at a deficit, cannot go on forever, it's as simple as that in the long run. So, given that there are a lot of companies that fit that, either they must figure out how to monitize effectively or they'll eventually fail. I'm not sure where the controversy is in that. Now, the second issue is whether the valuations are correct -- and, again, I'd say that the old economic rules still apply. It doesn't matter what your company does, valuation comes from how much it can grow real equity through real earnings. Anything else is just overzealous investment. So, yes, there's a bubble. But the more interesting question is, how much will it hurt when it bursts or deflates? That's the better question, IMHO, and that's one I don't see being quite so cut and dried.