A Decade of Valuation Acceleration?

I spent time today pondering an intriguing idea of someone I respect. He believes technology is evolving so quickly that with respect to company valuations, the next decade won’t look like any other. The rate of change and disruption will be like nothing we’ve ever seen and result in valuations higher than we’ve ever seen. Historical valuation norms will be useless as benchmarks for the future.

This person believes these higher valuations will be difficult to grasp initially. But once it’s clear they aren’t going away (for a variety of reasons), people will quickly embrace the trend en masse, which may push them even higher.

This is an interesting concept. I’m not sure if I agree, but I can’t rule it out, either. I want to digest it further. If this person is correct, it will have broad implications, and not all of them will be good.