Very entertaining read on the effect of the WhatsApp acquisition

Very entertaining read on the effect of the WhatsApp acquisition. Here is a paradox that can only occur in the wild, weird, wacky (www) world of investing: the less money you make the higher your valuation and the less insane and dilutive (priced out of this world) acquisitions look. In fact, after a certain point if the price you pay is high enough, insanity starts to become confused with genius. It's like a contemporary painting. I am concerned about this acquisition, not because it may end up being the biggest and fastest write-off in human history but because it raised the valuation plank for every itty-bitty start-up in Silicon Valley. I am even more concerned that tech companies, of which we own plenty, will start paying nose-bleed prices for start-ups that come to the table with little more than eyeballs and promises. (VIEW LINK)