Deluard notes that such strong growth seemed natural for companies levered to millennial preferences like binge-watching shows, for example. However, this may be changing as millennials grow up.
Millennials have been criticized for their light work ethic and unusual consumer choices. Previous generations give heat to millennials for being woefully underinvested in financial markets. However, Deluard argues that millennials deserve more credit for the bull run. But FAANG's recent struggles may be a sign that the end is near as millennials become uncool and Gen Z dictates market trends. The strategist noted there is historical precedent for such demographic changes pointing to the end of a bull market.
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