The issue is that when tech companies look reasonable, everyone and their mother buys in until they look unreasonable.

There is nothing else to believe in. We have one growth industry in this world and it’s tech. It’s not a bubble, it’s the economy running on one lung. You can deflate it and hold your breath, but once you need oxygen, you are going to fill it up rapidly from holding your breath that long.

The same is true for housing. We need other viable industries.