Sam talks only about internal factors of the industry: is there enough value generated by startups to justify their valuations?
This ignores the economic environment. There's just way too much capital floating around US stock markets and private equity funds, and it urgently to be invested in something. What that something is matters only marginally, as long as it is capable to sustain a consensual fiction that an investment is being stored.
A bubble may well be an externally induced one, not just dotcom craziness.
This ignores the economic environment. There's just way too much capital floating around US stock markets and private equity funds, and it urgently to be invested in something. What that something is matters only marginally, as long as it is capable to sustain a consensual fiction that an investment is being stored.
A bubble may well be an externally induced one, not just dotcom craziness.