US tech stocks have been on a tear again since the start of 2023 but what is the collective noun of the new batch of rising stock markets superstars?
FAANG did the job a couple of years when Facebook (Meta), Apple, Amazon, Netflix and Google (Alphabet) were the toast of everyone’s ideal portfolio.
Investment ideas move on, however, and after a wobble in recent years, a new set of investment acronyms might better describe the current mood.
Thankfully, James Mackintosh at the Wall Street Journal has done the leg work already (or his readers have anyway) and from a group of Alphabet/Google, Amazon, Apple, Microsoft, Meta/Facebook, Netflix, Nvidia and Tesla a new crop of acronyms has emerged.
Mackintosh suggests FATMAAN and MANATAM but for our Proactive sins we like MANAMANAT ( pronounced Mahna Mahna, silent T and ARM Holdings added for the extra A and UK nod) because of the song made famous by the Muppets (look it up).
That way you really can sing aloud happily when your portfolio goes up.
And catchy tune aside, it’s a constant reminder of why everyone spends some much time scrutinising tech stocks like no others.
Meta/Facebook, which this time last year was everyone’s least favourite FAANG, is up 126% since December.
This year’s darling, Nvidia, has shot up 115% over the same period while the rest are up between 55% (Tesla) and (26%) for Apple at the bottom.
Over five years, the numbers still stack up: Meta is the worst with a 39% rise while Tesla 963%, NVIDIA 500%, Apple 288%, Microsoft 232%, Alphabet 116%, Amazon 47% all speak for themselves.
All together now, manamana do doo do do doo.