Not so long ago, that was a question for Wall Street analysts and venture capitalists to debate among themselves, being of little interest to anyone else. But that was before recent investors valued Uber at $50 billion and Airbnb at $25 billion. It was before the collective work force of on-demand services like Uber, Lyft, TaskRabbit, and Instacart numbered in the hundreds of thousands. So, are we in a bubble? Yup.
“I define a bubble as something where assets have prices that cannot be justified with any reasonable assumption,” says Jay Ritter, a professor of finance at the University of Florida Warrington College of Business Administration who studies valuation and IPOs.
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