The Bull Market's Hidden Engine The US equity market's remarkable bull run has led many to believe that economic prosperity is widespread. However, a closer examination reveals a more nuanced picture.
Behind the scenes, a complex drama is unfolding, threatening to upend the market's foundations. At its core, this drama centers on Big Tech's free cash flow concerns.
The free cash flow yield, a measure of a company's ability to generate profits from operations, has declined sharply in recent years.