Marc Andreessen, one of Silicon Valley’s biggest venture capitalists, has no fear.

Contrary to all the recent hype about a bubble, you’ve said that tech companies are actually undervalued. So in true 1999 fashion, should I take my life savings out of mutual funds and toss it into tech stocks?

I’m certainly not an investment adviser, but on a 30-year basis, these things are cheap. If you compare how big industrial companies like G.E. are valued compared with big tech companies like Microsoft, Cisco, Google and Apple, tech stocks have never been valued more poorly in comparison. So not only is there no bubble — these prices are reflective of the fact that the market still hates tech. This bubble talk is about everybody being unbelievably psychologically scarred from 10 years ago.

Your venture-capital firm, Andreessen Horowitz, is heavily invested in Twitter, Facebook and Foursquare. You’re hardly an unbiased observer.

True, but the counterargument is I put my money where my mouth is.

The nearly $3 billion I.P.O. of Netscape, a company you helped found, has been cited as the beginning of the 1990s tech bubble. Do you recall a moment back then that felt like the last days of the Roman Empire?