As a fledgling VC, you have every right to take the contrary opinion. The fact of the matter is people are spending way too much money on companies that will never make money. Are there exceptions to the rule? As you pointed out, you can certainly take some companies and scream "LOOK - no bubble" in your sarcastic style, but just reading the tech blogs we can see people are dumping money into companies that are features at best, bad business models with no avenues for monetizing at worst.
Are you right about the bubble? Maybe. Are you wrong? Maybe. No one knows. It's safer to bet that history will repeat itself though. Of course that should scare the crap out of the VCs, even though they are the ones pressing the handle on the toilet that is flushing their money away.