As cryptocurrencies continue to tank, this cycle’s most deliriously valued ‘FAANG” stocks also took another big whack today, as shown here courtesy of CNBC.
Not surprisingly, as shown below, these much-loved and widely owned names have, so far, fallen more than 20% from their recent 52-week highs. If past mania cycles are prologue, these stocks might be halfway through their eventual decline, as die-hard fans buy dips all the way down, before abandoning them in horror near cycle lows.
Those of us who have learned through decades of real-life investment cycles to adhere to a value discipline have been out of favour longer-than-average this time, and it has been tedious for some to wait. But as I wrote here last year Value’s long winter will end in spring again–bank on it. Great opportunity is coming, and it is very exciting to anticipate.
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