The FAANGS Have Lost $1 Trillion In Market Cap (The Fly Blames Cramer)

During one of the big down days in September 2008 one of my senior partners looked at me and said he had personally dropped a million in the preceding 60 minutes and I, ever the unsympathetic smart-ass math whiz, responded "And if you annualize that..." but that wasn't where he was going. He was laughing and said "Hell, I never thought I'd have a big enough pile to lose a million dollars an hour."

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:

Facebook: $250 billion
Amazon: $255 billion
Apple: $222 billion
Netflix: $63 billion
Alphabet: $155 billion

As soon as the market opens, losses would have exceeded $1 trillion since the top.

Here's the latest from Le Fly: 

Tue Nov 20, 2018 11:53am EST
NOT BUYING THIS SHIT