Mr. Andreessen: In my opinion, there's nothing broad-based that's happening. There's no bubble, per se. Bubbles are a very specific phenomenon where you've got mass psychology and you've got every mom and pop investor and every cabdriver and every shoe-shine boy buying stock in whatever it is—going all the way back to the South Sea Bubble all the way through to the dot-com bubble.
The 1990's were a retail/buy side bubble. The current bubble is a sell-side one, driven by the Fed. They are completely different. Disproving a retail bubble does not exist (correctly) does not speak to a liquidity driven bubble existing / or not. The people funding VC firms...have too much cash. That's good for VC firms...and the reason you won't seem them point out this fact.
It would be more interesting to hear marc's view on the amount of money chasing deals. Perhaps he will chime in.
The 1990's were a retail/buy side bubble. The current bubble is a sell-side one, driven by the Fed. They are completely different. Disproving a retail bubble does not exist (correctly) does not speak to a liquidity driven bubble existing / or not. The people funding VC firms...have too much cash. That's good for VC firms...and the reason you won't seem them point out this fact.
It would be more interesting to hear marc's view on the amount of money chasing deals. Perhaps he will chime in.