This is coming from a man who says Snapchat is worth a $100 billion dollars... Irrational exuberance causes bubbles guys, it doesn't have to be mom or pops, it

This is coming from a man who says Snapchat is worth a $100 billion dollars... Irrational exuberance causes bubbles guys, it doesn't have to be mom or pops, it can be the naive exuberance from those that make up the market, as for as I know most of the market players share the same exuberance. Once the notion of value from future profitability is crushed for the second time around, the entire models for valuing startups will fail. We saw the exact irrational exuberance during the dot com era, that we are now in a new economic landscape, the old companies have no future, it's basically people with a large equity in such companies spreading garbage. Supply and demand never changes. Inflation never goes away. Cash flow today is more than potential cash flow years from now. It's a giant ponzi scheme, pump and dump, whatever you wanna call it. If Warren Buffet calls you out on something, I listen, the man knows what he's doing.