+1 to all of this. I lived through the dot-com boom and bust in the Valley, much like Chuck did. I'd like to add: There is a metric ton of opportunity at the b

+1 to all of this. I lived through the dot-com boom and bust in the Valley, much like Chuck did. I'd like to add: There is a metric ton of opportunity at the bottom for those who hoarded cash at the top. I used credit card advances, equipment financing, and a SBA loan to buy servers at 10 cents on the dollar when Exodus Santa Clara went bust (I also bought fancy equipment from many other companies.) I started my company in 2001, when I was 20 years old, and in 2007, sold my company ("built on eBay", teased the guy who ran the acquiring company) for over $1 million. This was a completely bootstrapped web hosting company. This time, if indeed we are in a bubble, I would cash hoard like a mofo, and scout for the new "10 cents on the dollar" opportunities that may well pop up in the next few years. You can build a cash flow-based business relatively cheaply at the bottom. You just have to endure everyone telling you you're crazy (I can't count how many times I heard "What do you think you know better than Exodus/AboveNet/all the big hosting companies who declared bankruptcy?" Well, I know I don't have to sell servers for too much money to clients in order to make a buck, when I'm buying them at 10 cents on the dollar...)