"I am not arguing that Netflix, Salesforce.com and LinkedIn
are not overvalued," notes Horowitz. (What about Facebook, Zynga, Groupon, Twitter and Foursquare?) "I am simply arguing that their valuations have not become completely divorced from any rational
thought. If they have not, we have not taken a major step towards a bubble." Hofstra University's Dr Jean-Paul Rodrigue, Blank explains, "observed that bubbles have four phases; stealth, awareness,
mania and blow-off. I contend that we are approaching the early part of the mania phase."
What's more, "The signs of the new bubble are the Linked-In initial public offering (IPO), Facebook's stratospheric valuation and the rapid rise of early-stage startup valuation," Blank adds. Wrong, wrong, and wrong insists Horowitz, before listing 40 reasons why.