I’m in the camp that says bubble refers to a period when valuations of companies are no longer connected to their financial performance, and that we are now in such a period. Silicon Valley has officially become unhinged from reality for the second time in two decades, and even the smartest, savviest investors have thrown in the towel and are admitting that they can no longer tell good ideas from bad ones and have simply begun throwing money at everything, hoping some of their millions might land on a winner. Spray and pray is the actual term used by investors in Silicon Valley for this
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