S&P 500

“Where startups versus the stock market differ is that in the stock market, I don't think you need 500 stocks, the S&P 500. I think an average person can own 12 companies. I call them eight to 80 brands that you use from eight years old to 80 years old have a d…”

“In the year 2000, industrials and financial services, let's say between those two, it was 40% of the S&P 500 value. Now it's 15%, you know.”

“If you look at the public market as a benchmark for the world, and you take an index of the profitable software companies, those companies that have margins in excess of 20%, and you put them all together, on average, They trade for around a 25 forward PE, whi…”

“Most VC money is going to support a lot of excitement around AI and actually not do better than the S&P 500.”

“Northrop Grumman over the last 15 years has had a total compounded annual shareholder return of just over 20%. Lockheed and Boeing are just behind them at about 15%. The S&P 500 over the exact same time period has an 11.6% total compounded annual return.”

“I genuinely believe all AI companies and the S&P 500 are all undervalued, which is a very hot take. But again, if we're about to create a hundred trillion dollars of value, I think this is a real tangible Technological shift. It's a massive unlock on the order…”

“The percentage of the company's free float that is turning over in a given day is higher on the FTSE 100 than it is on the S&P 500 or the NASDAQ.”

“I do, and I allocate it every year. I'm just a long-term investor, so there's no point in checking it every quarter, but if I check it every five years, and I reallocate it to the same allocation, by the way, I allocate, I think, 30% to my industry, and the re…”

“34% of the S&P is represented by seven companies, and 50% of the equity value of the world, and 70% of the enterprise value, if included the debt, is wrapped up in the U.S. Economy, which has seven companies, and if any of those seven companies sneeze, the who…”

“We're living in an anomalous monopoly era. And it's funny because there's so many comparisons to industrial revolution, and in some ways we're living in this new gilded age. And we have these seven companies, and they represent 40% of the S&P 500, which is jus…”

“What I think is going to be interesting if to the extent that the bubble unwinds at some point, it's going to be an equity unwind. And what that looks like is 40% of the S&P 500 is basically a bet on AI. And so to the extent that the bet unwinds, stock prices …”

“The durable software stuff is trading lower than the S and P 500.”

“SAS now trades at a discount to the S&P 500 for the first time in history.”