Can there be a bubble bubble? Instead of irrational exuberance you have irrational cynicism?
1. Tech bubble. Everyone and their brother became day-traders, chasing the hot stocks and trying to make their fortune. People were throwing their retirement savings, spare cash, anything they had into tech companies trying to make a quick buck.
2. Housing bubble. Everyone and their brother became flippers, chasing the hot properties and trying to make their fortune. People were throwing their retirement savings, spare cash, anything they had into properties trying to make a quick buck.
Copy/paste intentional.
I agree with this, which is why I am confused as to why you see this program as evidence of a bubble, since it's pretty much the exact opposite of what you're describing.
Sequoia doesn't choose duds as their scouts. These are all experienced entrepreneurs who have "done things" (like YC choosing its alums as partners). And Sequoia is not investing in millions. They hare investing in thousands. Their returns on Instagram alone can take care of this program for years to come. They are helping budding, young first time entrepreneurs to get started. They are creating network of budding entrepreneurs and budding angels. Many companies may fail but you have hardened entrepreneur out of this program.