First and foremost, we'd like to remind you of the so-called "free cash flows" - which are not really free cash flows at all, since they exclude from the calculation of earnings stock options - a so-called "non-cash" expense - which are truly insane. Examples include Snapchat and Palantir, both discussed in our columns.

Secondly, the FT and Unhedged are right to point the finger at sometimes dubious external growth strategies, punctuated by grossly overpaid acquisitions whose true profitability is hard to estimate. See, for example, the cases of Enghouse Systems and IBM, also discussed in our columns.

Finally, the article highlights a point that our analysts emphasize over and over again, and which is one of the guiding principles in the management of MarketScreener equity portfolios: if it makes sense to invest in attractive, fast-growing, self-financing listed companies, it must of course be done at attractive valuation multiples.

In the opposite case, there is a high risk of correction as soon as the company's growth rate falters, slows down or disappoints. Examples include Dell, Paradox Interactive and Rémy Cointreau, all three of which have been discussed in our columns in recent days.

With this in mind, and even if we're talking about Salesforce again, it's remarkable to note that the stock's performance over the last seven years is identical to that of Oracle, even though the former posted a growth rate over the period five times higher than that of the latter.

The twist, of course, is that over the period, Salesforce shares traded at valuation multiples four to six times those of Oracle.