Right now, Facebook, Apple, Microsoft, Google, and Amazon AKA FAMGA are very hot positions among hedge funds, but at least one major fund is not buying the hype - Elliott Management. In the 1960s and 70s, Wall Street was obsessed with the Nifty Fifty, a group of 50 large-cap stocks that were widely regarded as solid buy and hold growth stocks.
Brokers touted these stocks for their solid fundamentals, forward thinking, and size. It was widely believed that these companies should be owned at any price, the risk of loss many believed, was extremely low.
Howard Marks, now the head of...
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