While the market-leading U.S. "FANG" stocks (Facebook (FB), Amazon (AMZN), Netflix (NFLX), and Google (GOOG) (GOOGL)) are well known to investors, their emerging market "BAT" cousins - Baidu (BIDU), Alibaba (BABA), and Tencent Holdings (TCEHY) - may be less familiar. But as the chart shows, movements in BAT stocks are worth watching. The BATs returned over 28% annualized for the five years ended June 2018, compared with 5% for the overall emerging markets (EM) index. However, market leadership changed dramatically in the second half of 2018, when the BATs corrected three times as much as