Billionaire investor Howard Marks breaks down the 'exceptional' performance of Big Tech this year — and explains why being bullish on FAAMG has 'obvious merit'

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• Howard Marks broke down the bull argument for market-leading technology stocks in his latest memo, and said there is "obvious merit" in their dominance.
• The Oaktree Capital's co-founder criticized tech skeptics who underestimate the ability of tech leaders, and said "to be bearish, one has to have a thesis on why they should fall."
• Market-leading tech companies such as the FAAMG stocks (Facebook, Amazon, Apple, Microsoft, and Google) are up 36% this year, and can expect to go a long way, as the COVID-19 crisis has led to a digital transition, he said.
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Howard Marks broke down what is behind the stock market's recent rally in his latest published memo.

The S&P 500 was up 50% from its March lows on Friday, driven by overall investor optimism surrounding economic stimulus and the prospect of the development of a successful COVID-19 vaccine.

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