S&P, every mention
75 scenes, the whole family · ← back to S&P
tap a year for its mentions
every year anyone Harry Stebbings 18Rory O'Driscoll 7Howard Lindzon 6Jason Lemkin 4Michael Eisenberg 3Julia Hoggett 3David Cahn 3Zachary Bookman 2Nikesh Arora 2Niccolo De Masi 2
Verbatim, from the transcripts: the passages where S&P comes up
Jensen Huang Declares AGI Has Arrived | Tesla Launches Cybercabs | Index Pulls Out of Town
- ▶ 1:21:57 Rory O'Driscoll Actually, the answer is in the end, yes, I'm in S&P and QQQ. 2 times in the scene
NVIDIA Crushes Quarter | OpenAI Cuts Off Cursor | Instinct Hits $2.5B Valuation
- ▶ 1:02:52 Rory O'Driscoll You kind of go, yeah, okay, plus or minus the S&P, maybe, you know, whatever.
The AI Bubble WILL Burst | Should we be fearful of Chinese Open-Source | Jerry Murdock
- ▶ 48:53 Jerry Murdock Decline, uh, or drawdown in, in the S&P this fall.
Jensen's Open-Weights Letter | Google Cloud Grows 82% But The Market Tanks
- ▶ 38:55 Rory O'Driscoll and I watch my WorldCloud versus the S&P, which was software versus the S&P, and then WorldCloud versus SOX, which is the semis. 2 times in the scene
Coinbase Cuts AI Spend by 50% | Kalshi's $40B Valuation & Impending IPO | The Year for SaaS Roll-Ups · 20VC with Harry Stebbings
- ▶ 27:41 Jason Lemkin 40% of the S&P 500 is tied to this bubble.
DeepSeek Raises at $50B | The Rise of Open Source vs OpenAI & Anthropic | OpenAI Builds Own Chip · 20VC with Harry Stebbings
- ▶ 12:32 unnamed speaker Just look, objectively, as I say, over the last 18 months since 2025, only two of the Mag seven have outperformed the S&P.
Nikesh Arora on the Frontier Model Problem: Breadth vs Depth | The Future of Token Costs · 20VC with Harry Stebbings
- ▶ 58:50 Nikesh Arora The S&P, what percent of the S&P is tech now? 2 times in the scene
SpaceX Launches Largest Ever IPO | OpenAI Files to Go Public | Uber Cuts 23% of HR · 20VC with Harry Stebbings
- ▶ 1:09:04 Harry Stebbings SAS now trades at a discount to the S&P 500 for the first time in history.
Anthropic Files to Go Public | Cognition Raises $1BN at $26BN Valuation | The 996 Work Ethic · 20VC with Harry Stebbings
- ▶ 1:19:15 unnamed speaker If you then tell the agent, I want you to outperform the S&P by 200 basis points by trading stocks aggressively figured out.
Anthropic Raises $45B but Falls Short on Compute & Thoma Bravo Hand Back Medallia Keys to Creditors · 20VC with Harry Stebbings
- ▶ 1:20:39 unnamed speaker If the three, if the big three go public at around, you know, three or four billion dollars, it's about a little under five percent of the S&P.
- ▶ 1:21:56 Jason Lemkin If you charge me 3.6% a year to manage the S&P, not only is it expensive, but over 20 years, I'll make it just destroys your capital, right?
- ▶ 1:27:09 unnamed speaker If you don't have, the way my version of your thesis is, if you don't have an active reason for holding the stock and a belief it can outperform the S&P 500, which you can get access to for, you know, 20 bips, then why are you holding it?
AppLovin CEO: Why Founders Shouldn't Angel Invest & Why the Best Don't Need Mentorship · 20VC with Harry Stebbings
- ▶ 1:15:47 Adam Foroughi They better make more on us than they can make by owning the basket of the S&P, just putting their money in debt, and if they make a good enough return on us over the next few to five years, I feel like I did my job right as CEO, and then…
Cursor Acquired for $60BN | Anthropic Hits $1TRN in Secondary Markets & Figma, Adobe, Canva Dead? · 20VC with Harry Stebbings
- ▶ 45:14 Rory O'Driscoll You know, whether or not that will prove to have a overall holding period return from here that outpaces the S&P. 500 adjusted for the risk is something entirely different, right?
OpenAI Buys TBPN & Their Management Team Reboot | Mercor Hack & Why Now is the Time for Cyber · 20VC with Harry Stebbings
- ▶ 32:30 unnamed speaker You know, the top four or five, Nvidia, Apple, Microsoft, Alphabet, and I think Meta is, you know, approximately 30% of the total S&P, right? 2 times in the scene
OpenAI Kills Sora & Hits $100M ARR on Ads | Oura Going Public & Whoop Raises at $10BN · 20VC with Harry Stebbings
- ▶ 49:48 unnamed speaker Fast forward to today, do we, or going public, do we give a crap what type of R it is because the, the durable software stuff is trading lower than the S and P 500.
NVIDIA Predicts $1TRN in Revenue: Everything You Need to Know From GTC & Anduril Lands $20B Contract · 20VC with Harry Stebbings
- ▶ 1:13:03 Jason Lemkin Are just below the S and P over the last decade or something like that.
Mitchell Green: Why 50% of VCs Should Not Exist · 20VC with Harry Stebbings
- ▶ 5:47 Mitchell Green But the funny thing is, if you actually do the, like, long-term analysis on buying just indexes, like the NASDAQ or the, you know, S&P, it actually turns out just, like, if you look at, like, very long-term, like, longitudinal data, that…
Anthropic vs The Pentagon: Who Wins? | OpenAI's $110BN Mega Round | Cursor Hits $2BN in ARR · 20VC with Harry Stebbings
- ▶ 32:32 unnamed speaker I mean, you know, S&P, despite all the noise within the system and all the SaaS apocalypse, S&P is plus or minus two percent from an all time high and trading at an, you know, a 20 year high in terms of any kind of trailing KPE basis. 2 times in the scene
Turing CEO Jonathan Siddharth: Who Wins in Data Labelling & Why 99% of Knowledge Work Will Disappear · 20VC with Harry Stebbings
- ▶ 19:53 Jonathan Siddharth And I've heard, uh, Mark Chen, the head of research at OpenAI say this about how, um, financial services is usually at the bleeding edge among all the other industries in the S&P.
Anthropic Raises $30B from Microsoft & NVIDIA & NVIDIA’s Core Business Faces TPU Threat · 20VC with Harry Stebbings
- ▶ 20:30 unnamed speaker Which obviously would be catastrophic for NVIDIA and for all of us, because it's seven percent of everyone's S&P.
Benchmark's GP, Everett Randle on Why Mega Funds Will Not Produce Good Returns · 20VC with Harry Stebbings
- ▶ 4:22 Everett Randle Uh, in that investment, almost as if you're angel investing and at, at, you know, first glance, it just looks like this amazing perk that you can have by being an investor at founder's fund, but deeper down, it's a conviction test because…
Sequoia Partner, David Cahn on Who Wins in AI, Defence & The New $0–$100M Playbook · 20VC with Harry Stebbings
- ▶ 16:39 David Cahn And we have these seven companies, and they represent 40% of the S&P 500, which is just mind-blowing.
- ▶ 26:07 David Cahn I mean, 40% of the S&P 500 is these big tech companies.
- ▶ 28:23 David Cahn And what that looks like is 40% of the S&P 500 is basically a bet on AI.
Why VC Today is Worse than 2021 · 20VC with Harry Stebbings
- ▶ 1:06:53 unnamed speaker And the infinite spigot venture capital, if this AI boom doesn't come good, the infinite spigot venture capital faucet is going to get, you know, impacted because people, because one level up from all the relationships you decided, Harry,…
Cerebras CEO, Andrew Feldman on Why Raise $1BN and Delay the IPO & Why NVIDIA’s Worried About Growth · 20VC with Harry Stebbings
- ▶ 36:47 Harry Stebbings They now make up more of the SMP than they pretty much ever have done in history, and that concentration of value is very real. 3 times in the scene
Are Burn Multiples BS in an AI World? & Sam Altman Needs $1TRN of Energy · 20VC with Harry Stebbings
- ▶ 52:24 Rory O'Driscoll Every time I do this, I say to myself, how much should I have in the S&P this year?
Groq Founder, Jonathan Ross: OpenAI & Anthropic Will Build Their Own Chips & Will NVIDIA Hit $10TRN · 20VC with Harry Stebbings
- ▶ 58:47 Harry Stebbings Forgive me for this financial question, but we see the S&P about to hit 7000.
The Impact of H1B Visas on Startups in the US & NVIDIA Invests $100BN Into OpenAI · 20VC with Harry Stebbings
- ▶ 20:04 Harry Stebbings And I'm looking at the S&P going, really?
- ▶ 38:03 unnamed speaker If all his heirs had done is stuck it in the S and P and lived on the dividends, there would be 15, 20 of them each worth a billion today, and there's none.
- ▶ 47:07 unnamed speaker Citing the book again that I read, it was really interesting because it, it made you run the exercise of what level of confidence would you have to have in the excess return from an individual stock to put all or half or a quarter of your… 2 times in the scene
BVP Partner, Byron Deeter: The Future of Venture - Why Chanel vs Walmart is BS · 20VC with Harry Stebbings
- ▶ 1:13:15 Byron Deeter Um, historically, it has underperformed the S&P and probably will again in this case, um, but you'll make money.
Windsurf x Google x Cognition: Full Breakdown: Who Made Money, Who Did Not · 20VC with Harry Stebbings
- ▶ 1:18:02 Harry Stebbings Will another S&P 2 times in the scene
KKR's Head of European PE, Philipp Freise: Do Andreessen & General Catalyst Scare KKR? · 20VC with Harry Stebbings
- ▶ 56:32 Philipp Freise Um, 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 rest is S&P…
Navan Files to Go Public and Canva Pulls the Brakes: Why and What Happens? · 20VC with Harry Stebbings
- ▶ 1:11:54 unnamed speaker I think it's hard to look, the market since then have been down, but then back up, you know, the overall, I mean, just facts, the overall S and P roughly flapped.
Chime IPO: Are IPOs Hotter Than Ever? · 20VC with Harry Stebbings
- ▶ 1:03:49 Harry Stebbings Will the S&P finish positive this year? 5 times in the scene
20VC Exclusive: Mercury Founder Launches First $26M Fund with Immad Akhund · 20VC with Harry Stebbings
- ▶ 56:14 Immad Akhund And then number two, there's so few active investors in public markets now, you know, between the, uh, passive index funds, like, uh, you know, if you're not going to be in the S and P 500 or one of these other index funds, it's hard to…
Julia Hoggett, CEO @ LSEG plc: The Myths and the Reality of The London Stock Exchange · 20VC with Harry Stebbings
- ▶ 15:17 Julia Hoggett The free float adjusted turnover in London is higher than it is in the S&P and the NASDAQ. 3 times in the scene
George Sivulka, Co-Founder & CEO @Hebbia: The Future of Foundation Models | E1250 · 20VC with Harry Stebbings
- ▶ 29:37 George Sivulka And maybe I'm too techno-optimist, but I actually think the S&P 500 is, is completely A hundred trillion dollars of additional, I can't quite get my head around that, like, being blunt.
- ▶ 47:19 George Sivulka I, I genuinely believe all AI companies and the S&P 500 are all undervalued, which is a very hot take.
Guillaume Moubeche, lempire Founder: Bootsrapping to $30M ARR Through Content & Brand | E1238 · 20VC with Harry Stebbings
- ▶ 50:10 Guillaume Moubeche You know, like, I think it's, uh, or Mozy, who says like, uh, S and me, 500 instead of S and P side, 500, you know, and it's, it's true.
Zachary Bookman: Why Valuations and Fundraising are BS | E1235 · 20VC with Harry Stebbings
- ▶ 8:40 Zachary Bookman In revenue for state and local government software, and they trade at twenty five billion dollars on the S&P 500 on the New York Stock Exchange.
- ▶ 52:51 Zachary Bookman I wish, I obviously wish I'd taken, you know, any liquidity I hadn't dumped it into the S&P 500 early this year.
Matt Grimm, Co-Founder @Anduril: How a Trump Administration Changes the Defence Industry | E1224 · 20VC with Harry Stebbings
- ▶ 26:42 Matt Grimm Like, the stock performance of the top five defense primes in the U.S. is wildly outperforms the, the S&P 500. 2 times in the scene
Vlad Tenev, Co-Founder & CEO @Robinhood: The GameStop Saga & The Future of AI | E1222 · 20VC with Harry Stebbings
- ▶ 39:05 Harry Stebbings I think it was Bill Ackman who said on, on our show that we should give, I'm forgetting the number, which is kind of the most important part, but I think it was like every newborn baby should be given X amount of money that is put into the…
Eoghan McCabe, CEO @Intercom: Freedom of Speech, Censorship and Government Control | E1213 · 20VC with Harry Stebbings
- ▶ 0:00 Eoghan McCabe Most VC money is going to support a lot of excitement around AI and actually not do better than the S&P 500.
- ▶ 8:11 Eoghan McCabe Most VC money is going to support a lot of excitement around AI and actually not do better than the S&P 500.
Jeetu Mahtani, Sales Leader @Hubspot: How and When to Go International and Crush It | E1207 · 20VC with Harry Stebbings
- ▶ 3:59 Jeetu Mahtani If you look at the S&P 500, which is the 500 largest companies in the U.S. by market cap, half of their revenue comes from outside the U.S.
Nicholas Chirls: Why Big VCs Ruin Startups, VC is a Ponzi Scheme Today & Most VCs are Bankers |E1198 · 20VC with Harry Stebbings
- ▶ 6:16 Nicholas Chirls You can do reasonably well and not even do as well as the Nasdaq and the S&P, and you're still making money.
Michael Eisenberg: How China Could Overtake the US in the AI Race | E1167 · 20VC with Harry Stebbings
- ▶ 8:18 Michael Eisenberg You know, the S&P. 2 times in the scene
Jason Lemkin: Why Pricing is Worse Than Ever and There is More Funding Than Ever | E1157 · 20VC with Harry Stebbings
- ▶ 1:19:10 Jason Lemkin I think even making three, if you do a seed X, a seed funding, you make three X net after 16 years as an individual, that's put, put the money into, into, into S and P 500, put it into VTI.
Tom Hulme: Lessons from a 24x Angel Track Record, 275x on Robinhood & Making Billions on Uber |E1150 · 20VC with Harry Stebbings
- ▶ 59:46 Harry Stebbings You could have got a two point status on the S&P.
David Clark: Lessons from 32 Years of Fund Investing - Why Exits Will Be Larger | E1131 · 20VC with Harry Stebbings
- ▶ 10:14 Harry Stebbings You are a fund of funds, but the S&P will get you 2.6 over 10 years, pretty much with guarantees and with liquidity. 2 times in the scene
Geoff Charles: How To Hire Product Teams & Increase Product Velocity | E1091 · 20VC with Harry Stebbings
- ▶ 32:33 Geoff Charles It's like the, the S and P 500 stock price.
Keith Rabois & Mike Shebat: Creating an Olympian Mindset to Work Ethic| E1087 · 20VC with Harry Stebbings
- ▶ 26:22 Mike Shebat At the rate of the S&P 500 or anything like that.
Jean-Denis Greze: CTO of Plaid, the $18B Fintech Startup; How to Hire, Fire & Build Great UX | E1038 · 20VC with Harry Stebbings
- ▶ 54:22 Jean-Denis Greze But look, I don't, you know, I'm a long term S&P 500 investor.
Orlando Bravo: Raising Kids as a Billionaire; VC vs PE; Is Warren Buffet Wrong? | 20VC #974 · 20VC with Harry Stebbings
- ▶ 15:08 Orlando Bravo That compares to the S&P 500 at 16 and a half forward PE.
Cathie Wood: Elon & Twitter; Why Facebook is a Value Stock Now; ARK's Performance | 20VC #949 · 20VC with Harry Stebbings
- ▶ 1:45 Cathie Wood Uh, so benchmarks you've heard S&P, 500, NASDAQ, uh, Russell, uh, MSCI.
- ▶ 18:50 Cathie Wood A percentage of the S&P, uh, and the, uh, uh, MSCI.
How I Bought 12% of Google for $12M; How VC is Fixing Climate Change | John Doerr Full Interview · 20VC with Harry Stebbings
- ▶ 27:56 John Doerr But, uh, Enphase today is, uh, a, a, a member of the S and P 500.
20VC: 23andMe's Anne Wojcicki on How To Approach Trust in Business and Personal Relationships, Leadership Lessons from Sheryl Sandberg and Reflections on How The Best Founders Manage Their Boards
- ▶ 34:04 Anne Wojcicki My mom gave me the S&P 500 book, all this information about compound interest, and I remember, like, being obsessed, like,
20VC: Bill Gurley and Michael Eisenberg on The First Signs of an Impending Bust, What Happens with a Market Crash, How Do Public Markets Impact Private Valuations & The Biggest Lessons from 20 Years Investing in Venture
- ▶ 40:15 Michael Eisenberg The other thing that's really different this time is because of the growth of passive investing and index investing, and Bill's probably a better place to talk about this than I am, a giant percentage of the S&P and of these buy side…
20VC: Jeff Immelt on Leadership Lessons from 16 Years as CEO @ GE, Incumbent Innovation; Why Some Have Failed and Other Succeeded, When Boards Have A Positive vs Negative Impact on a Company & The One Fear Startup Founders Are Allowed To Have
- ▶ 10:55 Jeff Immelt In the year 2000, industrials and financial services, let's say between those two, it was 40% of the S&P 500 value.
20VC: Basecamp CEO Jason Fried on His Relationship To Risk, Money, Vulnerability and Self-Doubt, Fantasising About Being Fired, How To Optimise Decision-Making and Minimising Regret
- ▶ 9:23 Jason Fried But like my personal trading portfolio is like boring index funds, like S and P 500 in NASDAQ, the Dow, that kind of stuff.
20VC: Initialized's Garry Tan on The Most Important Thing A Seed Investor Can Do For Founders, How Ownership Requirements Change With Evolution of Funds & Why There Is Not Too Much Capital Chasing Too Few Deals
20VC: ClassPass CEO Fritz Lanman on Betting His Career Facebook Would Be A $10Bn Company, Lessons From Travis and Uber on Scaling A Global Marketplace & Whether Growth and Capital Efficiency Are Mutually Exclusive
- ▶ 11:04 Fritz Lanman You know, and as Warren Buffett and others have pointed out on the hedge fund side, you know, you didn't even really have to beat the S&P 500 or just any equities index where you could park your cash in order to generate enormous
20VC: Why Valley Investors Are Really Gamblers, Why The Business Model of Selling To The Biggest Sucker Is Wrong & Why The Best Potential Hires Don't Care Who Your VC is with David Barrett, Founder & CEO @ Expensify
- ▶ 8:48 David Barrett And I'd say like as an asset class, venture capital returns less than, you know, S and P 500.
20VC: USV's Andy Weissman on The Future of The VC Industry, Why USV Does Not Vote On Investment Decisions & Why VCs Should Be Invisible
- ▶ 16:31 Andy Weissman Of a certain type of capital, risk capital, into endeavors that are focused on returning way more than what you could get from the S&P, for example, in a liquid market.
20VC: Sequoia Partner, Pat Grady on Why Data Is The New Oil, Why We Will See The Return of The Apprenticeship Model in VC & The Defining Characteristics of The Next Generation of Great Software
20VC: Investing Lessons From Fred Wilson & Brad Feld and Why Fundraising Is An Art & Not Everyone Can Be An Artist with Howard Lindzon Founder @ Stocktwits & Managing Partner @ Social Leverage
- ▶ 3:50 Howard Lindzon 17 great years doing it i think four or five years ago when i started writing about how you know money is just being i would call it vanillized vanguard s&p makes sense the system's working money's flowing in to these vanguard simple… 4 times in the scene
- ▶ 9:04 Howard Lindzon 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.
- ▶ 16:02 Howard Lindzon You can put money to work, zero commission, and whether it's one share or a hundred shares, learn how you behave when you make or lose money, yet everybody's piling into vanilla S&P funds because that's what the media is saying.
20VC: Why Every Employee Should Re-Apply For Their Job Every Year & The Strategies To Prepare For A Successful Fundraise with Kyle Hill, Founder & CEO @ HomeHero
- ▶ 1:01 Harry Stebbings Well, design-driven companies have outperformed the S&P index by 219% over 10 years.
20 VC: Niccolo De Masi @ Glu Mobile on Private Market Valuations, Being A Public Market CEO & The Trends Of Mobile Gaming
- ▶ 14:47 Niccolo De Masi Um, you know, we talk, we talk in the public markets about how the S and P, you know, the Kay Shiller index, you know, maybe, maybe we're 20, 30% overvalued because, you know, the S and P 500 trading at 16 times earnings on average and… 2 times in the scene