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Most Crowded Trade on Wall Street Is No Longer Going Long FAANGs

For the first time in almost a year, a strategy of going long the biggest U.S. and China tech stocks isn’t the most crowded trade cited in a Bank of America survey.

“Long FAANG+BAT” -- or buying shares of Facebook, Amazon, Apple, Netflix, Alphabet, Baidu, Alibaba, and Tencent -- was cited by 20 percent of participants as the most crowded trade. It has been replaced by a long U.S. dollar trade, which was noted by a quarter of the fund managers.