Tech was the name of the game in the last decade. You invested in them because they were clear winners, and the stock prices became clear winners because you invested in them.

But the rules to the game we all learnt to play seems to have changed.

The game of “Growth At Any Cost” seems to be changing into a game of “Cash Flow and Profitability”. A common theme emerged during the recent earnings results where reining in free uncontrolled spending was cheered for and the excesses of the past, where money (that cost literally nothing) was ploughed in to chase the next big thing was punished really, really bad.

But are we learning to play a different game? Adapt the way we think about investing and the world to this new environment?