Bill Gurley, the Benchmark Capital investor who backed Snapchat and Uber, is uber-bullish when it comes to his own portfolio. But the rest of Silicon Valley, he says, is not nearly frightened enough: "No one's fearful, everyone's greedy, and it will eventually end."

In Hollywood, a botched career often takes many years to reverse—if it turns around at all. But in tech, where failure is worshipped, the men who fail spectacularly don't have to worry about history. Each new day is a new chance to play with someone else's money, no matter how badly you fucked up the last time. Just ask Peter Pham.

If you hear the word "dinosaur" in Silicon Valley, it's usually a pejorative for an out-of-touch venture capitalist headed for extinction. But according to The New Yorker, the same grim fate awaits the current "Cambrian explosion" of new startups.

The Cult of Silicon Valley worships failure—fail fast!—but only after it's been reversed and perverted. Actually calling it quits, admitting that you didn't succeed, and declaring your project dead, is rare. But 4chan founder Christopher Poole just conceded with perfect dignity and intelligence.