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Totally agree. I address this in the section "Ways this inflationary period (if it exists) is different from 1997-2000". I am sure I missed a bunch of other ways it is different.

I think this inflationary period is probably closer to past ones (e.g. microcomputer/peripherals in the early 80s) then the wide spread financial asset bubble of 2000.

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Very thoughtful piece, thanks a lot for sharing this. It seems so far that M&A valuations are following up serie A valuations (see Google & Path for instance). The bubble, if it exists, is no longer limited to the seed ecosystem.

Yeah, I think that is indeed the case - it is moving into series A territory. Big question is if it will go upstream to series B/C/D where the big $s are ... :)

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