The financial media is drawn to catchphrases –acronyms and buzzwords that can be sold as the new thing. 'FAANG' (Facebook, Apple, Amazon, Netflix and Google) is the latest of these. But does this constitute an investment strategy?

For journalists, commentators and marketers, acronyms like FAANG are useful. They fit easily into headlines and they appeal to a feeling among some investors that their portfolios should match the 'zeitgeist' or spirit of the age

But as we'll see, investment trends tend to come and go. This is not to downplay the transformative nature of new technologies and the possibilities they present. But as an investor, it is wise to recall that all those hopes and expectations are already built into prices.