This is the most compelling argument that I have seen so far from Benedict Evans on why we are not in a tech bubble. Highly recommended reading.
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The state and history of US tech funding...... the current situation bears little resemblance to 1999 or 2000. This time it's different. But then, it's always different - what's going on now?
http://ben-evans.com/benedictevans/2015/6/15/us-tech-funding
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