The brouhaha over our collective "bubble" just doesn't stop. Steve Rubel's most recent piece is the catalyst this time around â€" something that Alex responds to (good stuff!).

Some quick thoughts:

1. The trauma of the last dot-com bust certainly has an effect. Folks that lived through that are going to be much more likely to "call the top" the second time around, partly out of their own instinctual drives for survival. Plus, its always easier to look really smart if you called the bubble popping. Bottom line: Our individual abilities to "call tops" has been skewed by the leanings of our experience.

2. I think Alex is right - this is a digestion phase. One thing you can *always* find in bubbles is a digestion phase. In the last bubble, about mid-way through, we had a nice little mini-slowdown that shook things out. That digestion phase cleared the path for the real explosion ("the bubble"). This is where I believe we are *right* now.

3. "Calling the top" actually helps us avoid a bubble. Thank you.

4. The valley is an echo-chamber. No doubt about it. Does the valley feel "bubble-like" - absolutely. How can you tell what the rest of the world feels like? LEAVE that environment.

Honestly, I'm getting tired of the bubble-calling, but I know that it is a very necessary part of the process. Next up: ENTERPRISE ADOPTION. That (sometime in late 2008) will begin driving the next phase of bubble-blowing.

Watch for it. And learn what it'll all be about at Defrag.