The one point I do agree with is that PG is probably the worst person to ask if there is a bubble in startup tech right now because he has more than almost anyone to gain from high valuations.

I understand Paul wants to be unbiased, but he cannot realistically do so. It's like asking the head of the Realtors board if home prices are stabilizing or asking Ben Bernanke if we're seeing an economic recovery. They will only ever give one answer because they have nothing to gain from giving any other response.