[davidhansen]

We are currently in a huge bubble. I wouldn't try to ascribe rational valuations to anything investors do in the middle of a bubble.

When a company like GRPN, who lies about its own revenue in its own S1 filing, loses money on every deal, and whose idea of scaling is "just add more sales people", pops off a wildly successful IPO in the middle of a very volatile public market, that's when you throw your hands in the air and stop trying to see rational behavior where there is none.

If you're old enough, you would remember this story from 1996-2001 repeating itself.

Of course, there's no end to the supply of twenty-something startup hipsters who will breathlessly inform you that this time it's different. Sure it is, kid. Sure it is.