To hear the moans on Wall Street, you'd think the end of the world is no longer coming—it has arrived. Successive waves of selling have pushed share prices down this year. To about where they were at the beginning of the year. Hardly a catastrophe for investors.

Unless their portfolios were over-weighted by the FAANGs: Facebook, Apple, Amazon, Netflix, and Alphabet (parent of Google), which remain in the ICU after a tiny recovery at week's end. These stocks are down 20 percent, or $1 trillion from this year's highs. Some $800 billion of their market value has simply vaporized in the last three months alone.