I think he's wrong. Because these are private investments without liquidity, that has prevented a bubble. You don't have people investing just to ride a risin

I think he's wrong. Because these are private investments without liquidity, that has prevented a bubble. You don't have people investing just to ride a rising wave and make profits from day trading. Investors this time have to actually look at the chances of the companies themselves, because they're only going to get a payday if the company is wildly successful, and nothing otherwise. If things start to slowdown, there probably won't be a sudden crash, because there's nothing to crash. These companies have ambiguous valuations, and there's no way to cash out, so there can't be a race to be the first to sell.