Bubble's are valuation errors in order of magnitude off. I don't think 10's valued at 100s could make a bubble, or at least one that is dangerous. Unless you ar

Bubble's are valuation errors in order of magnitude off. I don't think 10's valued at 100s could make a bubble, or at least one that is dangerous. Unless you are talking real estate. The reason is that smaller companies don't float enough paper to be broadly owned/distributed throughout the system. The characteristics of a bubble typicaly indicate feedback loops operating at scale. A portfolio of smaller companies is a less dangerous situation. This is why, if we look at a bubble in "angel" deals, its not the same thing as the 2000 era bubble that was in public equities.