Agreed. At the end of the day investors are doing the following formula: (Projected Revenue * %Risk of Ruin) = Valuation If you overestimate the projected rev

Agreed. At the end of the day investors are doing the following formula: (Projected Revenue * %Risk of Ruin) = Valuation If you overestimate the projected revenues, or underestimate the risk , you're still arriving at the wrong valuation, and if investors are doing this systematically, we get a bubble.