Fred Wilson on Bubble 2.0

Fred Wilson adds some sensible perspective to the "Bubble 2.0" theme:

Dvorak's the latest to talk about bubble 2.0. I've been talking about this for several years now as I see many similarities to what we went through in 1999 and 2000. But I also see many differences. I'm on the fence and am simply trying to be measured and smarter about what we do this time around.

That said, I'll say two more things:

1 - The more naysayers, the better. The market climbs a wall of worry and we rarely top out when there is a lot of negativity.

2 - Bubbles aren't all bad. As Tom Evslin says, "nothing great has ever been accomplished without irrational exuberance".

Well said.  For what it's worth, my take is that the digital media and technology business will be continue to be cyclical, just like every other media business.   We're certainly closer to the apex of the current cycle than the nadir, so prepare to weather a rough winter eventually.  But the implication of much "Bubble 2.0" talk, that we're all going wake up one morning and realize that the Internet was a hallucination, is absurd.

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