I agree the call for 'bubble' does get annoying, but I also note that you can be 'over valued.' The appetite for stock (or investments) in non-profitable companies (so called 'ground floor' opportunities) is (and perhaps always will be) insatiable.
But I think the bigger thing going on here is capital chasing something other than a 1% return. Consider you have $100M sitting around. You can take 2% of that ($2M) and 'angle invest' $75K into 24 different 'startups' and with one "winner" exit with a payback of $7.5M (100x return on 75K) and have your overall portfolio growth for that period be 5%.
But I think the bigger thing going on here is capital chasing something other than a 1% return. Consider you have $100M sitting around. You can take 2% of that ($2M) and 'angle invest' $75K into 24 different 'startups' and with one "winner" exit with a payback of $7.5M (100x return on 75K) and have your overall portfolio growth for that period be 5%.