In which I cover many prior topics in one post instead of making many follow up posts.

1. When will prosecutors go after Silicon Valley?  Looking at Gallup's 2013 industry poll we can see that tech is still more popular than the oil and gas industry ever was, and is currently viewed far more favorably than banking.
So despite the emergence of the trend of demonizing some people in Silicon Valley (See the TV show of the same name) - and recent lawsuits preventing wage fixing - Silicon Valley big shots still makes a less tempting target than industries like banking for a prosecutor that wants to attention and approval of the public. (The comparison to lawyers and the federal government approval rates are there purely for contrast - they aren't potential targets)

2. Following up on 10,000 hours of non-deliberate practice. The Economist looked at how much time is wasted passively watching a video. Gaming seems to be a closer substitute to work, given how both require problem solving. And the amount of time spent on gaming is growing - with 43 million people playing games for 22 hours a week in the US alone, gaming is one of the largest time sinks of intellectual power in human history.

3. High Frequency Trading - One additional worry is that trading firms pay for customer flow because they profit, but this seems much more about locking in their ability to arbitrage this flow without competing with other HFT firms rather than taking extra advantage of the retail investor.

4. Another example of 60's Conglomerate math. When Facebook bought Whatsapp, some analysts justified it on the basis of how the purchase was cheap for Facebook on a per user basis. Just like analysts in the 60's thought that when a growing company bought a stagnant company the stagnant company's earnings should be valued like a growth company, analysts are assuming that each user acquired brings a similar value to the Facebook shareholder as a current Facebook user.

Facebook's purchase might make sense strategically and might make even more sense if they violate their pledge to not serve ads to Whatsapp customers a few years down the line. But investors should constantly remind themselves that the earnings/revenue/users of one company is likely to be significantly different from that of another company. Any company using its high valuation to make significant acquisitions should be analyzed carefully so the effects of the acquisition aren't mistaken for intrinsic growth.