Please don't use the word "bubble". I don't care that YouTube was bought for $1.65bn or that umpteen start-ups are being funded at ridiculous valuations. That will all come out in the wash.

The reality is that two important trends are happening: first, there are many internet companies that are generating enormous profits and revenues and have decided for now to stay private. They will go public eventually. Maybe this year, maybe next, maybe in 2009. Expect about $10bn-$20bn worth (or more) of profitable dotcom companies to go public within the next two years.