The question is, can it continue to not be a bubble? With so many investors vying to invest in YC companies in angel rounds the demand is eventually going to reach an unsustainable frenzy. Good for them, as the author assumes, if they are being more conservative and not really asking what they could (25mm priced rounds) just because they could. If prices keep going up, and there's a bad batch or two (not saying there will ever be ;)) then it could go away in true bubble fashion. What won't go away is the consistency in tutelage and the invaluable, growing alumni network. The question is if there is a way to keep YC Companies from hitting that bubble and then bursting it, just by sheer force of demand and consistency of investment in an otherwise inconsistent environment?