Maybe the implication is that it’s a weak product because it depends on a third party platform to continue functioning. If chrome eliminated extensions tomorrow, or changed its TOS so honey would be in violation, what would honey do?

Chrome could change their extension policies and put a severe damper on the business overnight. Consumers would have the option to use a different browser, but it's likely that many of the Honey users did not affirmatively register for an account and are using the extension passively. Enough of a relationship exists between Paypal and Google, and the Honey extension doesn't particularly bother Google to begin with, that this is probably an acceptable risk for them. But it was notable to me that such a healthy premium was paid for a business built almost entirely on a browser platform.

There’s zero value for a retailer when you’re applying coupon codes at checkout. I don’t see why retailers will continue to tolerate it.

Or QE was essentially money printing that rippled through the shadow banking system in such a way that the price of certain assets (companies/stocks, real estate) are inflating indefinitely.

This times a thousand.

Im constantly torn between 'new highs for years' vs 'but we had 2 bubbles see how those went?'