I have no idea if there's a bubble or not, but I have noticed that pretty much all the people saying there is have a vested interest in there being one (people who make money from other asset classes than private equity), and all the people saying there isn't are people with a vested interest in there not being one (accelerators, VCs and founders). And then there's the press and the pundits who say there is or isn't depending on the phase of the moon or something.

I think that might indicate no one really knows. If it makes a difference to your prospects make sure you have a strategy for dealing with it bursting and a strategy for it not bursting. Don't pick a side.