it ain’t no damn bubble

Alright the title’s really a double negative, but the slang sentiment makes my point.  We’re not in a bubble the way we usually think of bubbles.  The Tulip Bubble was a bubble, the Stock Market 98-01 Bubble was a bubble and in some areas(note: as my friend dave berson, head economist at fannie mae would say – there is not a national housing market there are 300+ local ones) there is a mortgage bubble.  With all true bubbles one of the key features is broad public participation.  Given no Web 2.0 copmany has gone public there isn’t a Web 2.0 bubble.  Is there a lot of investment in internet startups these days? Sure, but given the closures of a number of VC funds (see Apax Partners for instance) sanity still rules in the long run. 

Am I glad there isn’t a bubble? Damn straight.  Having been a participant in the online startup eco-system since ’97, the last one caused even good ideas and investment opportunities to go dry.

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