[dovereconomics]

It's dangerous and biased to assume a company like Apple had its stock increased because of 'innovation' or 'disruption'.

A lot of it was a consequence of Fed's policies mainly with ZIRP and QE. From that angle, overvaluation of public companies is more likely than the latter.

And, if startups are 'less undervalued'~'more overvalued' than public companies, it only means they're more prone to volatility, busts and bloodbaths.