MS: FAANG Hot Streak Coming To An End

Facebook, Apple, Amazon, Netflix, and Google (Alphabet) have been the market’s top stocks in 2017, but what does next year hold for these tech behemoths collectively known as the FAANGs? According to a recent research note from analysts at Morgan Stanley, collectively the FAANGs have added 4.3 percentage points of market capitalization to the S&P 500 this year, around 24% of the aggregate market cap added since the beginning of the year. Hedge Fund Q3 Letters [buffett] In total, the top five performers of the S&P 500 this year drove 27.5% of the index’s incremental market cap. This is the…