Fred Wilson’s http://www.avc.com is one of my daily reads.  A thought leader and preeminent venture capitalist.   His blog yesterday is a bit wordy, but simple.  It starts with a question about the seemingly frothy valuation of pre-IPO companies, but he follows through to the publicly traded equity markets.  As always when I link to http://www.avc.com, it is well worth 5 minutes of time.