Way back in December 2007, a straight-faced Peter Thiel told AllThingsD’s Kara Swisher in no uncertain terms, “There is absolutely no bubble in technology.” For context, this was way back when Facebook’s valuation, currently teetering at $100 billion, was a paltry $15 billion, you know, the kind of chump change Zuck would find in his couch cushions. Since then, Mr. Thiel has repeated his no tech bubble mantra over and over, stopping only to point an accusatory finger at the bubble around higher education. But that hasn’t stopped reporters from going back to the contrarian well.
In an interview with the Wall Street Journal‘s Stacey Delo this week, Mr. Thiel once again, with the same straight face repeats his stance, assuring Ms. Delo that not only are we not in a tech bubble, but that we aren’t even close. First, he says, there’s the matter of the public’s distance from the tech sector (thanks to the lack of IPOs). Another difference between this boom and the last? The parties.
“It doesn’t feel anything like that. You don’t have the same ebullience, you don’t have the crazy launch parties. . . It’s more sort of this very austere, determined atmosphere one has in Silicon Valley where this is the only thing that’s working, you have to get it to work.”
We’re guessing he hasn’t been invited to any firebreathing Pivot Parties then.