No, you're not alone. Facebook's valuation grew from like 20 billion to 85 billion in a matter of months. I really don't think they're worth more than 20 billion, maybe less. $10 billion might be more appropriate, but you might think that's not true because LinkedIn IPO'ed at $10 billion. Yeah, but LinkedIn is also part of the valuation bubble. How can a company which only makes a few hundred million in revenue, be worth $10 billion? Ridiculous.

Perhaps Facebook's bubble will pop now that Google+ is getting out. If Google+ gets to 100 mil users by the time Facebook IPO's, they might find that their IPO will be valued a lot less than they initially expected.

Just look at Groupon. Google almost paid $6 billion for it, and yet it's rumored to IPO at only $700 million. It just goes to show how ridiculous the private valuations have become. And then you have Microsoft paying $8.5 bn for Skype. Wow.

Whoever thinks we're not in a valuation bubble must not be looking close enough.