Having Conquered FAAMG, Goldman Takes On BAT (Baidu, Alibaba, Tencent)

Last Thursday, Goldman's prop desk decided they needed a lower entry point for the tech stocks that have together accounted for nearly 50% of the market's YTD gains, so they stood up from their chairs, leaned over the desk dividers, and asked the research team if they'd help. Fast forward to Friday and Goldman released some "tactical considerations" about FANG. The title of the note was really ambiguous (sarcasm alert): Basically, Goldman suggested that FAAMG has turned into its own vol. con