JPM's Lehmann Says Look for Opportunities to Buy Into FANGs

The transcript discusses the valuation and market opportunities of major tech stocks, highlighting their recent performance and potential for long-term growth despite risks of a downturn. It emphasizes the importance of understanding individual company stories and market strategies, noting that these companies are more than just tech firms. The discussion also categorizes companies into direct-to-consumer and advertising models, stressing the vast potential of the global consumer market.

What factors contribute to the valuation problems mentioned in the text?

Discuss the implications of a potential market downturn on the companies mentioned.