NYT front-pages familiar story: "Silicon Valley's math is getting fuzzy again."

A difference from the previous tech bubble: "This time around, people indulging in that optimistic thinking are not mom-and-pop investors or day traders but venture capitalists whose coffers are overflowing with money from university endowments and hedge funds."

I wrote last year: "So far, at least, the current round of hype involves much lower numbers than the 1990s madness, and no initial public offerings of the sort that could shame Wall Street forever, if Wall Street knew the meaning of shame."


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