Ask HN: If we're in a bubble, how do we take advantage of it?

For some time, and peaking with the recent $1bn dollar purchase of Instagram by Facebook, and now Evernote's $1bn valuation, many have screamed that we're in a bubble.

With all the money being thrown around, fortunes will indubitably be made - and lost. From those who have lived through previous SV bubbles, how does one use the current situation to one's advantage? What do you wish you had done differently? How are you positioning yourself now?