The NYSE FANG+ Index has been on a tear that rivals the dotcom era mania. The chart below shows the relative performance of the NASDAQ composite from year-end 1997 (about 26 months prior to peak) through its collapse and the relative performance of the NYSE FANG+ index from April of 2016 (nearly 26 months ago). Both rose parabolically over these time periods and strongly outperformed the broader S&P 500.
The good news, if you are growing tired of hearing about how much money your nephew is making in Netflix shares, is peak greater fool (or peak stupid if you prefer plain language) may soon be upon us. Not that history should be used as a reliable guide to the future during a mania, but inflated valuations have a history of correcting themselves rather painfully.