e question comes naturally. As an ex COO of a mobile payment venture, I have a perspective on this topic — for the answer, look to the experience of Telcos. First, I would actually refer to GAFAAs to include Alibaba; Alipay already accounts for half of China's online payment market. It's true that GAF

ors (Figure 17). Energy is the most obvious example of a cheap EM sector relative to returns compared with DM, while Consumer Discretionary. IT and Telcos also look better value. In contrast both Healthcare and Consumer Staples look better in DM whilst Industrials and Materials are relatively even, al

F5 Networks (FFIV) - Trades -1.8mm shs/day Growth in Telco and Next-Gen Security. F5 provides solutions for internet traffic management to the big Telcos. Fundamental tailwinds in demand, and following a 2yr R&D investment. DB just raised price target to $130 (14% implied upside). Believe momentum in

F5 Networks (FFIV) - Trades —1.8mm shs/day Growth in Telco and Next-Gen Security. F5 provides solutions for internet traffic management to the big Telcos. Fundamental tailwinds in demand, and following a 2yr R&D investment. DB just raised price target to $130 (14% implied upside). Believe momentum in

F5 Networks (FFIV) - Trades —1.8mm shs/day Growth in Telco and Next-Gen Security. F5 provides solutions for internet traffic management to the big Telcos. Fundamental tailwinds in demand, and following a 2yr R&D investment. DB just raised price target to $130 (14% implied upside). Believe momentum in

rs (Figure 17). Energy is the most obvious example of a cheap EM sector relative to returns compared with DM, while Consumer Discretionary, IT and Telcos also look better value. In contrast both Healthcare and Consumer Staples look better in DM whilst Industrials and Materials are relatively even, al