It's not the price that matters, it's the activity level. House-flippers don't complain about the price of the house; returns are relative. You can't honestly tell me that times like this aren't better than, say, 2003?

Now, I don't mean to imply that you, personally, have some sinister intentions to keep the bubble going. But in general, VCs have to speak highly of the industry. Otherwise, how do they explain any investment?

If I'm wrong, and I could be, I'd love to see some examples of tech VCs who are actively calling a bubble. I'll bet there aren't many, and that's no coincidence.