Of course there's a bubble. Of course it's not the same as the 2000 bubble.
Today online businesses are very different than in 2000, the sheer size of the market and the industry is vastly different. The cost tradeoffs are also very different. And, as always, bubbles are about psychology, and the psychology is different. But the idea that there aren't many vastly overvalued companies out there is difficult to swallow. There are many over hyped corners of the market (like social) and many valuations that only make sense if the companies are run by clairvoyant business ninjas (which, inevitably, few are).
Over the next 5 to 10 years we'll see plenty of highly valued companies crumble and be revealed as mostly hollow shells. And we'll see a few companies that don't seem to make sense succeed even so. All of which is fine. Nobody's forcing anyone to invest in any of these companies. And the good news is that the dot-com industry is big enough and diverse enough that, unlike 2000, it can survive plenty of big failures and still keep going.
Today online businesses are very different than in 2000, the sheer size of the market and the industry is vastly different. The cost tradeoffs are also very different. And, as always, bubbles are about psychology, and the psychology is different. But the idea that there aren't many vastly overvalued companies out there is difficult to swallow. There are many over hyped corners of the market (like social) and many valuations that only make sense if the companies are run by clairvoyant business ninjas (which, inevitably, few are).
Over the next 5 to 10 years we'll see plenty of highly valued companies crumble and be revealed as mostly hollow shells. And we'll see a few companies that don't seem to make sense succeed even so. All of which is fine. Nobody's forcing anyone to invest in any of these companies. And the good news is that the dot-com industry is big enough and diverse enough that, unlike 2000, it can survive plenty of big failures and still keep going.