The only point that I agree with is this one: "Margin compression": A lot of tech businesses sell things, and because the market is good there isn't much price

The only point that I agree with is this one: "Margin compression": A lot of tech businesses sell things, and because the market is good there isn't much price competition. My unicorn sees a lot of companies that appear to be dependent on customers paying what they're told to pay. These companies have yet to experience, or survive, a price war with their rivals. All the other ones are BS. > Entire generation of entrepreneurs under age 30 have no memory of 2000 or 2008. Lol wut? I'm 29. I remember both in vivid detail. I worked in tech in 1999. Sure I was young, but I had been seriously programming for already 4 years. Let alone 2008, that was the year I graduated university. I remember barely landing a job just as things went sideways. Gen Y knows things can go wrong. Maybe some current 17 or 18 year olds don't. > Interest rates: Central banks currently have interest rates [...] Find me a bank that will lend me money so that I can invest in startups. It's impossible. Interest rates going up will depress assets prices that are frequently purchased with debt: Housing and Education. > Valuations. [Specifically Uber] If Uber wins it wins logistics as a whole. This is like talking about Amazon. Back then Amazon realized that books were the only thing that made sense to sell online because of the markups and the fact that customers don't need to touch a book to want to buy it. Then once customers got used to buying stuff online and Amazon worked out their distribution model they expanded to more and more things. Read "ecommerce is a bear". For other companies, sure there are some winners and some losers. But Facebook, for example, has data on every person on earth that has real spending power. Super, super valuable. In the 90s only us nerds were online. Today tweens sext. Completely different markets. > Private valuations not matching public ones 1. Sarbanes Oxley. 2. Investors dump stocks that have no real growth left in them onto the public. The only exception was Tesla, and that was out of desperation, and look how well they are doing. > Tech startups offering stock at a discount This doesn't usually materially effect the valuations of a stock. 20% discount, 50% tops. > Burn rates If you aren't burning money then it is a huge red flag to investors. There is a very real risk that your money machine doesn't scale or that you can't recruit talent in the same numbers as before. > Too many business models are dependent on "one thing not happening" This would be a factor if there actually were a bubble about to pop. There isn't, so this will naturally work its way out. Also, it isn't like 1999 where all money flowed through Yahoo or Microsoft. The world has more real world businesses like arms contractors, that don't overlap business cycles. I've been saying that there isn't a bubble for over 7 years. There still isn't a bubble. There will be one that starts to form soon when crowd investing starts to get underway world wide, but until retail investors invest in startups in a large and meaningful way, there isn't a bubble.