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On Wednesday, billionaire investor Mark Cuban wrote a blog post claiming that today’s private equity-driven technology bubble is worse than the one that burst 15 years ago.

“Back then the companies the general public was investing in were public companies. They may have been horrible companies, but being public meant that investors had liquidity to sell their stocks,” the Dallas Mavericks owner and “Shark Tank” investor wrote.

The post came two days after the Nasdaq (^IXIC) hit 5,000 for the first time since the tech bubble of 2000.

Cuban believes that angel investors and other private investors make more perilous plays than stock traders 15 years ago. Those investments lack the liquidity that a stock investment would have, he said.

In a follow-up post on Thursday, he said his first analysis should have gone beyond angel investors and crowdfunding. Instead, it should have included apps and other private ventures, as well, he said.

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