Howard Lindzon expertly summarizes much of what I learned when labeled all of the bubble talk "entrepreneur envy":
The Internet of 1999 was a mania. What we are seeing today in web/tech is a phenomenon ...
Most importantly for the upside of the market, no one owns stocks. There are millions of traders flipping stock with institutions in high growth names, but there are no rational conversations about the growth opportunities.
All the while, entrepreneurs are chasing dreams with little bits of angel and venture money. Companies with massive opportunity and now loads of cash are going public and dominating their verticals or mindshare. That's not a bubble.
I learned not to second-guess entrepreneurs. People like Steve Jobs, Jeff Bezos and Pandora co-founder Tim Westergren. These guys get it and they get it done. They don't have time for pesky shareholder complaints and inane discussion calling into question approaches to profitability, reinvestment spending and what to do with their company's cash. The second these innovators take their eye off of properly positioning their companies for the futures they themselves sketch, they lose, shareholders lose and we all lose.
He's seems like a nice guy so I hate to say it, but Apple's downfall will come courtesy of Tim Cook. With Jobs gone, Cook has already made a mockery of his legacy. First, a dividend and a buyback. And now rumors of something Jobs detested -- a mini iPad.8 Fertilizer Stocks Primed for Growth >> Next, Cook will travel off to China and smile for the cameras like a politician. Wait. He already did that. In many ways, he is the anti-Steve Jobs. And, while it might look like that's good for business, it's not. It's very bad for business. When Jeff Bezos tells you he's going to spend billions of dollars on his company's business, don't second guess him. He's been saying it for years. Look where AMZN is 10,951.35% later. When Westergren or Pandora CEO Joe Kennedy tells you that they have never set a timetable for profitability, don't laugh. These guys recognize that it takes capital and, more importantly, time to build a sustainable brand and execute a profitable business model. The greatest companies never break that cycle of investing "commensurate" with the long-term opportunity they have their sights on. 4 Stocks That Are Real Sleepers in 2012 >> The bears and purveyors of Bubble 2.0 mass hysteria will never understand the idea of the perpetual startup. They'll never be able to look inside the minds of great entrepreneurs and understand, even a little bit, what's going on up there. As a result, they'll likely miss the boat on the Amazon.com "Bubble 2.0" produces.