You don't know till the party's over if you'll get a hangover. In other words, no one knows for sure if it's a bubble. It may just be that this is a new mode f

You don't know till the party's over if you'll get a hangover. In other words, no one knows for sure if it's a bubble. It may just be that this is a new mode for startup growth and expansion, one in which VCs don't have as much market power as they used to. Or it could be a bubble and it will pop and things will revert to the older mode. Also, false analogy alert - just because Pandora is down doesn't mean Uber or airbnb also should be down. He should make that case on the numbers.