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I think the title is a bit misleading, but good points raised and good data to back it up.
The value of publicly traded SaaS companies has grown by 200 to 400% while the underlying customer unit economics of those businesses hasn't changed.

Athough I tend to thing a bubble is something off by 10x not 4...What exactly is your concern about the title?

I agree with what you're saying. Something needs to be off by much more before I'd personally call it a bubble. Interesting read regardless.