This is the kind of armchair comment that misunderstands how Silicon Valley works. You're right that stock value is disconnected from actual value (or productiv

This is the kind of armchair comment that misunderstands how Silicon Valley works. You're right that stock value is disconnected from actual value (or productivity), but it's not right to connote there is no value at all. The first crash was lack of startup fundamentals. By all means it was a Valley-induced bubble. But the second was an external liquidity crisis uninfluenced by the fundamentals of startups. In the aftermath of both crashes, billions in value were created by small teams of software engineers in Silicon Valley, and that's real earnings/cash flow.