THIS ISN'T THE MAG7 OF A FEW YEARS AGO

The 'tourist explains the worrying divergence between FCF and EPS

“You don’t get it. This rally is nothing like the DotCom bubble. Those companies had no profits! That period was truly insane with crap like Pets.com. Today’s generation of tech companies are all immensely profitable,” a younger trader recently explained to me.

And he is of course correct. This bubble is completely different from the DotCom bubble. But w…