Code Conference

Why we're probably not in a tech bubble, according to analyst

Mary Meeker talks mobile at Code Conference

With all the talk about excessive valuation in tech stocks--or the sector at large--well known Internet analyst Mary Meeker says any comparison to 1999 is overstated.

While she acknowledged that "there is certainly some valuation excess" is some areas, the froth is all and all far below the levels during the tech bubble of the late 1990s.

For one, dollar volume in tech IPOs today is 73% below what is was in 1999, she said.

Venture capital money is also 77% below what it was then.

Lastly, and perhaps most importantly from a market perspective, tech stocks are about 19% of the S&P 500 today, versus 35% at the peak of the bubble.

(Meeker's full slideshow, which dealt with much more than just tech stocks, can be seen here.)

Meeker--now a partner at Kleiner Perkins--made her comments at the tech-heavy Code Conference in Rancho Palos Verdes California

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