The old saying "markets like to climb a wall of worry" proved spot on in 2017, writes Russ Mould, investment director at AJ Bell.
While the big equity market story this year is the continuing rise of the FANGs (Facebook, Amazon, Netflix and Google) and their ability to disrupt established industries, markets have been brutal towards companies in those industries that are under attack....
Development of EM and US themes
The mega-cap FAANG (Facebook, Apple, Amazon, Netflix and Google/Alphabet) stocks seem to be gathering strength and competitive dominance as they grow in size.
Opportunity to achieve sustainable margins