[stcredzero]

many of the fundamental analysis models fall apart with "tech" companies who's largest asset may be the brand itself

"Largest asset may be the brand itself," isn't that the definition of a reputation bubble? Sounds like a bubble to me, just a very long term one. There are some who say that the Bay Area/SV startup scene is a combination of real innovation and a bubble caused by ready availability of investment capital, which in turn is the result of governments injecting huge amounts of liquidity into the economy to kick the can down the road on the natural cycles of economic recession.