Australian companies have delivered one of the most remarkable earnings seasons for many years: deteriorating earnings have been ignored, accounting sleight of hand is rampant, and a willingness to bet big on vision rather than near-term profits has unleashed a relentless bull market in technology stocks.

The bull market may be tiring but the past three weeks of profit results hasn't diminished the ability to make money. A stomach for risk is needed though, as already richly valued companies have climbed to ever higher valuations as a virulent case of momentum sweeps the market. Investors are chancing their hands on hot stocks like Afterpay Touch and WiseTech Global rather than risk the ignominy of a laggard portfolio.