The Fly makes a similar point here. If the FAANG bubble hadn't been so easy to buy into it wouldn't have gotten big enough to fall by a trillion these past few weeks.
This was pre-market (note timestamp)
From The Fly at iBankCoin:
Tue Nov 20, 2018 8:52am EST
FAANG Stocks Down $1 Trillion in Market Cap Since Peak
It was all fun and games until you lost a trillion dollars in an asinine acronym based investment plan. Blame Cramer — he started this shit with FANG. How many people got lured into those stock predicated upon the marketability of its catchy acronym? I bet a lot.
Thusly, losses are exaggerated to the downside, especially for mega cap tech, because of investor concentration.
Market capitalization losses since their 52-week highs:Here's the latest from Le Fly:
Facebook: $250 billionAs soon as the market opens, losses would have exceeded $1 trillion since the top.
Amazon: $255 billion
Apple: $222 billion
Netflix: $63 billion
Alphabet: $155 billion
Tue Nov 20, 2018 11:53am EST
NOT BUYING THIS SHIT