[nostrademons]

At the first startup school, there was some grizzled old lawyer or venture capitalist, basically somebody who's been involved in Silicon Valley startups since the 80s. He summed up the history of technology startups in 4 words:

"Boom. Bust. Boom. Bust"

The point is, there's always a bubble, right up until there's a panic and depression. Greenspan's "irrational exuberance" speech was December of 1996 - was there a bubble then? The NASDAQ was at 1200 then; if you rode it all the way to the top, before the bubble burst, you would have quadrupled your money in 4 years. And then even after that, the NASDAQ never went below its December 1996 levels.