The FAANG stocks have been dominant during the nine-year bull market. But that also means they may get more punished than the broader market when the bull dies. Scott Crowe, the chief investment strategist at CenterSquare Investment Management in Plymouth Meeting, Pa., makes a case that based on valuations and history, commercial real estate will be a good hedge against a decline for big tech. In an interview July 10, Crowe pointed out that valuations for real estate investment trusts have been declining relative to the entire U.S. stock market: via