>YC companies: Airbnb, Dropbox and Stripe AirBnb...maybe? I don't know, it's extremely popular, but faces interesting regulatory risk. I think it'll do okay.

>YC companies: Airbnb, Dropbox and Stripe AirBnb...maybe? I don't know, it's extremely popular, but faces interesting regulatory risk. I think it'll do okay. DropBox and Stripe? Competitive spaces. Maybe they make it, maybe they don't. I can't see them being "moated" (in the parlance of Buffet) leaders in their respective businesses. But I've been wrong many times. >"but as long as the entire category of "technology" doesn't collapse altogether" I guess that's our point of contention: I think it does go down together, rational or not. We just witnessed something similar in the oil industry. Everyone collapsed, whether they were big, small, hedged or otherwise not directly affected by the collapse in oil price. That happens in a panic because nobody can tell the extent of the risk. >And given the amount of real profits I agree that, as oposed to DotCom 1.0, companies are generating revenues. But, again, where are the "real" profits? Google, sure, but they are transitioning from growth to value. Facebook's are minimal. I don't think any other company you have named is making money. Granted, it doesn't necessarily matter for "early stage" behemoths like Uber or AirBnB, but that doesn't make the profit claim true.