These valuations are in many cases ridiculous and people in Silicon Valley know it. The greater fool theory is fine by me when it’s VC types getting hosed. But the bag’s about to be handed to mom and pop.

Let’s be a lot more skeptical for their sake.

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Ryan Chittum is a former Wall Street Journal reporter, and deputy editor of The Audit, CJR's business section. If you see notable business journalism, give him a heads-up at rc2538@columbia.edu. Follow him on Twitter at @ryanchittum.