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I think the high valuation is indicative of a bubble. When companies that haven't delivered a product in an ultra competitive market can be valued at such an absurdly high level the alarm bells are ringing. We've seen this before in markets going back hundreds of years, it's not different this time, it never is.

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They said the same thing about Tesla and it’s been working out quite well for them. I definitely favor the theory that it’s a bubble but even if it’s true “the market can remain irrational longer than you can remain solvent”

Is it different this time?

Well you could argue that there has been a lot of money pumping done by the Fed so this time might be different :)

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