Both the DJIA and S & P 500 indices are showing year-to-date losses, albeit the latter not by much, which is in itself a novelty. Meanwhile, the Nasdaq Composite marches on with gains of around 5% putting it in third place I the global charts after São Paulo and Milan, adding further to the number of curiosities of 2018. The first chart in Figure 5 plots the divergent paths of the Consumer Discretionary and Consumer Staples sectors while the second chart provides the explanation not just for the divergence but also for the superior performance of the Nasdaq Comp. Of course there is more to the Discretionary Sector than the FAANGs (Walt Disney, Home Depot, Starbucks, McDonalds, Nike) while the Staples Sector includes its own blue chips such as Walmart, Coca-Cola, Kraft and Colgate. The genuine commercial success (booming sales, high profit margins and huge cash flows) of the FAANGs is unquestionable and has been one half of the chicken and egg momentum investment strategy that has driven their share prices ever higher. There is surely more success to come but looking at Figure 5 it is easy to see why some investors are becoming sceptical that the pace can be sustained, especially if general economic growth starts to slow. As momentum gives way to value/stock-picking investment, of which there are plenty of signs, then any faltering in the FAANGs’ share prices will hit passive investors very hard. The neglected stocks in the Staple Sector could well come in from the cold as 2018 progresses.