If you're sitting on a large chunk of a commodity (early stage equity) you're unlikely to go around saying that it costs too much.

Interesting that a whole sfgate article came out of a single comment on this site.

News outlets have been picking up from HN very fast indeed.

If there even was a bubble occurring it is only in the seed funding stage and not the IPO/late VC stage which ended up affecting much more than just entrepreneurs and investors.

The amount of money being invested/risked is much less than it was back in the 90s, and as Paul remarked the quality of entrepreneurs and investors is much better. Most likely lessons learned from the 90s

Not to mention there is much more of a precedence to have business models now than there was back in the 90's. That's not to say everyone has one (ahem, Twitter) but it's better than just an idea on a napkin in 1999.

Or at the very least, the unscrupulous leading the dumb.