You're right, I was imprecise with my statement. His argument is that it's better that inflationary investing is happening in private markets, and while that's true for the general public, I'd still say that that has no impact on whether or not we're in a bubble. If there is a bubble, and it does pop, that would be very bad for the HN crowd. The fact that VCs and investment bankers would be losing most of the money doesn't change the fact that a whole lot of devs will be out of work, and there will be a few lean years of funding for people trying to launch. In fact, for just about anyone who cares whether or not there's a tech bubble, its existence would be bad. So yes, while it may be better for the economy as a whole to have the risk taken by a select few, it won't matter much to the rest of us.