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Is it really a tech bubble, or is it something else? — Tech News and Analysis

Stashed in: @om, Investing

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I happen to think he is right:

The bad behaviors, like everything, get magnified too much by social media. I mean, last week in Italy people were asking me about Google buses, protests and what is wrong with the tech industry. I don’t know what is wrong except that the social norms and behaviors of players are different. The world looks at the gratuitous amount of profits made by a company like Google, and juxtaposes it against the lack of hope for a majority of the planet.

People dislike Uber, not because some founder is going to become a billionaire; the discontent comes from the visible disparity between those who have it and those who don’t. Google buses get rocks and eggs thrown at them mostly because they are a reminder of digital feudalism. As an industry, we are very fortunate; and that is why it is important to remember why we need to have compassion and understanding about the fears of the rest of the world. We need to remember that our actions now intersect and influence those who are not of our industry. Trying to be in their shoes isn’t a bad place to start.

I have been around in San Francisco for over 12 years and I have come to reluctantly call it home. The garishness of modern times is unsettling but it doesn’t mean we are fully in the grip of mania/madness just yet. And if being the old-ish guy in the valley has taught me anything, it is that booms turn into busts, cycles end and greed gets it comeuppance. And we start all over again.