YOU may think the rotation away from technology megacaps has made the stock market a safer place. New research says you'd be wrong.
All year, a major bear case on equities has held that too many investors had too similar a take on the FANG group - dumbfounded bullishness - and once sentiment turned, the whole market would crater. But now it's turned, and the market is fine. All clear, right?
FANG refers to Facebook, Amazon, Netflix and Alphabet's Google.
According to a study by Sanford C Bernstein, not so fast. The New York-based brokerage has a statistical model for assessing when fund manager sentiment is harmonising towards a given sector, a quality it calls crowding. Disturbingly, the model...
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