Why this bubble isn't as bubbley

Even though I'm behind on my road trip blogging, I'm going to break for some thoughts on why this bubble isn't like what was experienced the first time around.  My experience with the first bubble was watching it all fall apart from a fund investor perspective at an institutional LP.  We dove deep into trying to assess the damage and try and figure out what actually happened to try and separate the smart VCs from the bad ones--at a time when everyone's performance was completely underwater when we started evaluating the next bunch of funds that came back to market in 2003 and 2004.

There are some marked differences that I was talking to someone about today worth noting: