This is 1999 all over again, but this time, it’s gotten worse, we’re back to companies throwing around funny money. The economic values don’t add up. These companies are simply being founded to be bought. With the exception of a select few, Silicon Valley has spawned no real companies over the past decade. Even now, as the value of eyeballs has gone down, people are buying concepts, not companies.
Jeffrey Pfeffer, a professor at Stanford’s Graduate School of Business.