This claim was made by American journalist and businesswoman Sarah Lacy during a contentious discussion about the valuations of social media companies, specifically in light of Facebook's rapidly increasing value. She was attempting to explain that Facebook wasn't necessarily a part of a financial bubble, even though its enormous valuation at the time seemed unthinkable.

In economics, a bubble occurs when speculation and hype, rather than underlying fundamentals, cause asset prices to soar well above their intrinsic value. Because bubbles frequently burst abruptly, causing investors to suffer large losses, they can be dangerous. Lacy's statement expresses her belief that Facebook's extraordinarily high valuation did not signify an unhealthy bubble-like state in the market.

Consider a rare orchid that is unique to this area and cannot be found anywhere else. Since there isn't another flower like it, this one could sell for a very high price. In a similar vein, Lacy maintained that Facebook's value was supported by its distinctiveness and unparalleled capabilities rather than just conjecture about social media firms.

Lacy is well-known for her work as a technology journalist and for starting PandoDaily, a website that reports on start-ups and technology news. She has frequently talked about the dynamics of the tech sector, such as market trends and valuations. Her assessment of Facebook's value reflects a larger understanding of how some tech behemoths, such as Apple or Google, are valued for their distinctive contributions and market dominance rather than just being trendy.

This quote from Lacy serves as a reminder that although financial bubbles should be avoided, particularly when valuations appear inflated, a company's inherent worth and distinctiveness may be sufficient to support its high price. It's similar to appreciating the unique beauty of an orchid among ordinary flowers; occasionally, a top tech company's unique product or service is simply irreplaceable.