because there is a difference between 100% of value collapsing all at once, and 25-50% going away. Yes, Uber is likely to be overvalued. But it is a real busine

because there is a difference between 100% of value collapsing all at once, and 25-50% going away. Yes, Uber is likely to be overvalued. But it is a real business, with real customers, with real money being exchanged. It won't go to 0 overnight like everything did in 1999. If Uber suddenly goes from 40 bil to 30 bil, who really cares? It just doesn't effect very many people. Also, these are private companies. If the S&P loses 25-50% overnight it literally effects everyone in the world. If privately held tech companies lose 25-50% it definitely sucks, but it doesn't effect everyone. It just effects rich people in SV, who are all incredibly employable at other companies not in said bubble.