Targeting Big Tech

(1) Internet War Game: DOJ vs FANGs. (2) Investors trust that anti-trust is tough to prove. (3) Harm to customers may be a lower bar for Barr. (4) S&P 500 Industrials is rocking it, outperforming the broad index and in third place among sectors ytd. (5) Boosting the sector ytd are ten industries, including Aerospace & Defense. (6) A scary world and a free-spending Congress mean defense won’t be attacked. (7) The industry’s P/E has fallen to a very grounded 16.6. (8) Crouching credit crunch in China? (9) Rising defaults are ominous in a slowing economy with mammoth amounts of debt outstanding: $25 trillion of corporate bonds and bank loans.