We're 12 years past the .com bubble. A large portion of the people who're creating and moving money today are in their twenties, they didn't experience 1999 in an economic point of view so there are no signals for them.
Having said that, let's not forget that a lot of the uncharted terrain from 1999 is now thoroughly explored with a microscope. If you're talking about a bubble, don't forget to mention which subset of the internet you're referring to. Yes, social thingies are the new buzz but they are such a small part of the online ecosystem. A lot of the social stuff was created as an add-on to existing stuff - take it out of the equation and very little value is lost.
Having said that, let's not forget that a lot of the uncharted terrain from 1999 is now thoroughly explored with a microscope. If you're talking about a bubble, don't forget to mention which subset of the internet you're referring to. Yes, social thingies are the new buzz but they are such a small part of the online ecosystem. A lot of the social stuff was created as an add-on to existing stuff - take it out of the equation and very little value is lost.