Needham Growth Fund's John Barr doesn't find a lot of logic in the business models of some of the Web's biggest names.
Appearing on CNBC's "Squawk Box" on Friday, Barr offered a list of Internet darlings that he says have serious earnings problems.
Barr named WageWorks, which provides spending accounts for health insurance consumers, and online financial advisors Financial Engines, as Internet companies with appealing cash flow. And he said Google's purchase of YouTube for $1.65 billion served as example of an accurate valuation.
"We think there are pockets of exuberance in the markets where there are extended valuations," Barr said. "But a bubble? 1999 was a bubble, and this is nothing like 1999."
On the other hand, Olstein Capital CEO Robert Olstein sees similarities to that watershed year.
"The music has changed, the dance is the same," he said Thursday on "Squawk Box." "It's going to end badly."
"Facebook already proved you could monetize social interactions, and they'd already proved mobile," he told CNBC. "And they're growing triple digits, and they're accelerating. Nobody else in the group has those kinds of fundamentals and that kind of upside."