Good point, but I still don't think it's a true bubble until it starts feeding on itself, responding to liquidity-driven demand in toxic ways. And I think the toxic way we'll see here is bad startups getting funded.
Another possibility we'll see is startups getting overfunded and drowning in their own capital (another thing that happened in the old dotcom era). But the true quality startups shouldn't allow themselves to get overfunded anyway.
I also think we should see a drive to IPO to drag unsophisticated money in, like back in the day. We're not, I don't think. Exits these days seem to be primarily M&A driven, and how vulnerable is that to liquidity surplus?
Another possibility we'll see is startups getting overfunded and drowning in their own capital (another thing that happened in the old dotcom era). But the true quality startups shouldn't allow themselves to get overfunded anyway.
I also think we should see a drive to IPO to drag unsophisticated money in, like back in the day. We're not, I don't think. Exits these days seem to be primarily M&A driven, and how vulnerable is that to liquidity surplus?