Sequoia’s Moritz Thinks Digital Investors Have Gone Cuckoo

So, is there a new tech bubble? One man who may know is Michael Moritz, the celebrated veteran Sequoia partner who invested in companies like Google (NSDQ: GOOG), Yahoo (NSDQ: YHOO) and, oh, LinkedIn.

“I think that the cuckoos have flown out of their clocks,” Moritz tells The Times. “But eventually gravity will take hold and the cuckoos will fall to earth.

“I would tell investors right now to wear the Nancy Reagan button that said ‘Just Say No’. The two most powerful letters for investors are N-O. The difference between two letters and three letters right now can be really profound.

“A lot of people who are purchasers today were in high school in 1999. Those who decide to climb aboard everything will find themselves among the crash victims. And it’s going to be a long list of victims.”