The Return of the Secular Growth Stocks

We've had a return to the secular growth stocks, the FANG names as we like to call them basically this year. Because of their size in terms of market capitalization, they've had a pronounced impact on what the S&P of 100 returns have done. What's the key to watch? I mean, will it be jobs? Will you get it from the data or the earnings? We think it's going to come from the bottom up because historically you're going to see job losses well inside a recession itself.