Keep calling out bubbles and eventually he'll be right and can say what he wants to say so badly---"told you so but nobody listened to me." That said, he makes valid points. The student loan/college bubble is one of his most interesting calls that's most recently highlighted by the failure of the college in VA. The question of whether it's the beginning of a trend or if it's a one off event is to be answered later.

The tech companies valuations are without a doubt inflated---most notably in the private market. There are many credible valid tech businesses out there and there are others that are merely benefiting from the rising tide created by the few relatively legit behemoths. Midgets on the shoulders of giants. But don't forget MySpace. Don't forget Zynga or Groupon or Pandora (which is languishing) or numerous other former tech stars that had high perceived valuations until the money dried up. And it always dries up.

According to Fred Destin it is "perfectly acceptable" to say the quote below when pitching to VCs.

"we're wilfully ignoring revenues for the time being as we sustain ourselves through external capital injections."

Ok. Fine. Every zero revenue company will not fail. But every zero revenue company will not be able to sustain itself on external capital injections forever because the spigot will be turned off at some point. Hope they've begun to generate profits by then, otherwise there will be a lot of asset liquidations. Or if public markets are still receptive can they get their liquidity via IPO?

Plus when I see a hedge fund investing in Snapchat (not sure if this is style drift for this particular fund or not), T Rowe Price investing in AirBnB's massive Series D and Fidelity investing in Pinterest's funding rounds I begin to become skeptical. What kind of experience do these funds have with investing in private companies? What happens when they need to exit? Redemptions? No liquidity in private markets. Do they unload publicly held securities and send the market into a freefall?

I don't know any answers. I do know that when the money dries up, the real businesses will be easier to see. I love Mark Cuban's ability to cultivate variant perception.