When people talk about Silicon Valley or venture capitalism a question that gets raised a lot is, “Are we in a bubble?” Traditionally, that means investors pay a lot more for a company than it’s intrinsically worth — sometimes by as much as a billion dollars. But venture capitalist Jalak Jobanputra is making a novel argument. Yes, we’re in a bubble, she says. But maybe those crazy price tags are accurate. To find out why, click the audio player above to hear Jobanputra’s interview with Lizzie O’Leary.

In an earlier version of this story, we misspelled the first name of Jalak Jobanputra. The text has been corrected.