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Jim Rogers: I'm Short All FANG Stocks

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Jim Rogers: I'm Short All FANG Stocks

American investor Jim Rogers is short on all four FANG stocks, according to a report on Financial Times.

FANG is a term coined by CNBC's Jim Cramer for Facebook Inc (NASDAQ: FB), Amazon.com, Inc. (NASDAQ: AMZN), Netflix, Inc. (NASDAQ: NFLX) and Google, now Alphabet Inc (NASDAQ: GOOGL).

"Although he still holds significantly more US dollars than he does Chinese renminbi, he is short the Fangs — Facebook, Amazon, Netflix and Google — which in his view are masking the early stages of a US equity pullback," the report said.

Related Link: Citi's FANG Update: Targets Lowered, But Still Positive On Tech Stocks

"Stock market recoveries are getting narrower. The breadth on the New York Stock Exchange peaked on August 2014. Last year, only 40 per cent of stocks on Nasdaq were up, and only one third of stocks on NYSE were up. The market already sees that something is wrong," the report added, citing Rogers.

The report also said, "He is, today, net long China equities, net short US equities, and "gearing up" to invest in countries such as Nigeria, Kazakhstan and Iran."

Rogers, the chairman of Rogers Holdings, had co-founded hedge fund Quantum with George Soros.

At time of writing, Facebook was down 3 percent, Amazon fell 1 percent, Netflix dropped about 2 percent and Alphabet declined about 1 percent.

 

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