This isn't an indictment of valuations being necessarily inflated more than they were in 1999. He's critiquing a new preference for private investments which ar

This isn't an indictment of valuations being necessarily inflated more than they were in 1999. He's critiquing a new preference for private investments which are very, very difficult to liquidate. That lack of liquidity, combined with easier access to investments via crowd funding has the potential to crash very similarly to mortgage backed securities. It's easy to get in and impossible to get out. If things start falling, investors are locked in for the whole ride down. That structure combined with a heady appetite for putting it in the first place primes the pump for a painful crash. [edit for question] He implies the SEC is restricting mechanisms for adding liquidity to private/crowd funded investments. Any idea if he has a specific proposal in mind?