Value investing and Fangs are not commonly uttered in the same sentence, unless the latter is being used to define what the former most certainly is not.
The rise of US technology stocks has for years been decried by commentators on a seemingly daily basis as precisely the sort of momentum-driven mania that should make the cautious investor nauseous.
Yet an interesting pattern has emerged over the past year: a number of highly respected fund managers have started to add some of the Fangs to their portfolios for what they argue are reasons of valuation.
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