The FAANGs and a few other ‘lunatic’ stocks beloved by institutional buyers have deservedly been getting thrashed, but it looks like the pain is unlikely to abate any time soon. My downside targets in two key stocks, GOOG and AMZN, are well below current levels, implying they will remain a drag on the market. One stock that has been bucking the tide is Microsoft, which is within a three-day rally of all time highs. DaBoyz seem to have settled on the stock as their top choice for flight-to-safety, presumably because the company has got its subscription-revenue model dialed in. This provides a very predictable stream of profits that has become nearly as bomb-proof as utility company earnings. Another plus is that, unlike Apple, Microsoft hasn’t announced plans to jump into the streaming content business. Indeed, the software giant has shunned hubris in favor of quietly making money the old-fashioned way. It has been winning over customers (including me) with improved products, but also with a level of customer support that has all but disappeared from the digital world.