There is a graveyard in American tech right now and nobody is walking through it. Companies down 70, 80, 90% from the highs. Still profitable. Still growing. Still the leader in their category. Just unloved. The Trade Desk at 9x earnings. PayPal at 12x with $6 billion in free cash flow. Adobe at 17x and people are talking about it like itโs Kodak. Etsy at 8x EBITDA running a marketplace that two billion people have heard of. Roku trading below its own balance sheet liquidation value if you squint. Match Group, Zoom, Pinterest โ each of these would have been a hedge fundโs top pick at this multiple in 2017. Now theyโre orphans. Everyone is buying the Mag 7 because the Mag 7 is the trade. The Mag 7 IS already the trade. The trade is over. The next trade is in the rubble pile. You donโt get rich buying what worked. You get rich buying what stopped working for reasons that turn out to be temporary. Every name on that list was a market darling 36 months ago. The fundamentals didnโt fall 80%. The narrative did. Narratives come back. Earnings compound. Iโm not buying NVDA at 45x. Iโm buying the names CNBC wonโt say out loud anymore