Some market experts feel that despite what FANG stocks do, the U.S. capital markets will continue to thrive. According to economist Mohamed El-Erian of Allianz, the latest sell-offs don’t signal that the party is over for U.S. equities, but that a venue change may be in store–one where value continues to come to the forefront and the growth-momentum plays of the decade-long bull run take a step back.

“I don’t think the party is over. I think what we are seeing is a transition in regimes,” El-Erian told CNBC. “One from where markets were comforted by ample, predictable liquidity to now having to recognize that divergent fundamentals are going to be the driver of asset prices.”

If volatility continues to fuel the rest of 2018 and beyond, the markets can expect to see more value-oriented plays as investors become more defensive with their portfolios and cycle out of growth-fueled investments.

“When momentum starts to flatten out or not continue in its existing incline, value starts making more sense because you can still get the growth by purchasing or investing in equities that basically are on sale,” said Kevin Miller, chief executive officer of Minnesota-based E-Valuator Funds. “That’s why at this point in time value will be a preferred spot to be.”

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