In terms of what makes me feel like we're in a pattern that is similar to '97-'00 it isn't just the very large valuation companies, in fact that isn't much of it at all to me.
It seems to be across the entire spectrum - VC's showing up to initial meetings with term sheets, higher initial valuations, very young companies being sold for high amounts, lots of rather underwhelming products/models, accelerating valuation increases and a public and press fascination with the sector.
I'm not saying that's conclusive proof at all, but many behaviors seem very familiar.
We could be seeing an aftershock from the last one. It seems like a lot of VCs either are or are working with people who cashed out near the high point of the boom.
