It's not the price that matters, it's the activity level. House-flippers don't complain about the price of the house; returns are relative. You can't honestly tell me that times like this aren't better than, say, 2003?

Now, I don't mean to imply that you, personally, have some sinister intentions to keep the bubble going. But in general, VCs have to speak highly of the industry. Otherwise, how do they explain any investment?

If I'm wrong, and I could be, I'd love to see some examples of tech VCs who are actively calling a bubble. I'll bet there aren't many, and that's no coincidence.

That's disingenuous. How have the companies you funded in 2005 been doing? For those that were acquired or IPO'd, the current valuation bubble has benefited you immensely. The amount you invest in new companies pales in comparison to the payout from a company like Groupon. Granted, few investors have a Groupon in their portfolio, but you're still getting paid more than you would without inflated valuations.

True, but the other side of the coin is that investments can exit at much higher value in a bubble environment.