How Netflix's stock lost its FANG-era mojo

Kayla Bartkowski/Los Angeles Times via Getty Images

• Netflix shares sit at a one-year low following disappointing earnings.
• The company's stock has fallen victim to high expectations and lofty valuations.
• It doesn't have the backstop of the AI trade, and is splashing big to acquire Warner Bros. Discovery.

The last decade in the stock market has been dominated by two distinct eras.

From 2015 to 2019, "FAANG stocks" were all the rage. The elite crew of Facebook (now Meta)...