Those "last-sucker-in-line-investors" could have also invested in LinkedIn [1] and Zillow [2], both of which have done reasonably well after their IPO.
Easy to pick a company to use to reinforce a message (37 Signals would have made a better case against non tech company GM [3], which had hype and government assistance and is still on the way down)
DHH has been pretty clear in the past what he thinks about LinkedIn - that they're a disaster waiting to happen - and looking at the P/E he may well think the same of Zillow. The saying about markets staying irrational longer than you can stay solvent applies here.
Easy to pick a company to use to reinforce a message (37 Signals would have made a better case against non tech company GM [3], which had hype and government assistance and is still on the way down)
[1] http://finance.yahoo.com/q/bc?s=LNKD+Basic+Chart&t=2y
[2] http://finance.yahoo.com/q/bc?s=Z+Basic+Chart&t=2y
[3] http://finance.yahoo.com/q/bc?s=GM+Basic+Chart&t=2y
* edited for formatting