[cma]

"Now, [the unprofitable companies] might not be the big publicly traded kahunas – collectively they hold just a 10% slice of the market’s total revenue pie"

It's detailed in the article, but that graph is way misleading because it isn't weighted by revenue size and the unprofitable part is dominated by tiny companies.

[sf_rob]

Yes, it’s interesting but mostly a shift of concentration of earnings. Market weighted PE multiples are slightly elevated historically but not insane; forward PE even less so (taken with a grain of salt of course).