S&P 500, every mention
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every year anyone Ben Gilbert 32David Rosenthal 17Michael Mauboussin 1Howard Marks 1Brinton Johns 1
Verbatim, from the transcripts: the passages where S&P 500 comes up
Disney: The Renaissance and the Empire · Acquired
- ▶ 3:01:02 Ben Gilbert Meanwhile, the S&P 500, David, what did you tell me is up how much in that time?
Vanguard: The communist capitalist who saved investors a trillion dollars (Audio) · Acquired
- ▶ 1:25 Ben Gilbert That means they own an average of almost 10% of every company in the S&P 500.
- ▶ 1:06:34 Ben Gilbert That you can run this business at cost, and you don't need to pay huge sums of money to the people managing this, then our customers will demand the same from us, which is sort of right, because you can buy an S&P 500 index fund from…
- ▶ 1:14:13 Ben Gilbert The part of it that I read was some large foundation should set up an in-house portfolio that tracks the S&P
- ▶ 1:15:10 David Rosenthal The Standard & Poor's, 500 is.
- ▶ 1:16:56 David Rosenthal In order to do this, to create a fund that continuously tracked something like the S&P 500 index, you needed a lot of software.
- ▶ 1:17:11 Ben Gilbert The point of the S&P 500 is to create a subset of the total market.
- ▶ 1:17:42 Ben Gilbert Set of the entire S&P 500.
- ▶ 1:17:45 Ben Gilbert Today, the minimum quantity of dollars you would need to do it on your own without buying into a fund is about three and a half million dollars to sort of minimum efficient or minimum representative S&P 500.
- ▶ 1:18:28 Ben Gilbert I am not actively taking Vanguard and having it offer investment advice in any way here, but what we do want to do is we want to create this new fund that will require no investment advisory services that will purely be this index of the…
- ▶ 1:19:33 Ben Gilbert He runs the numbers, because he's Jack, the S&P index, without the fees, beat half the active managers, and over the full decade, it would beat 78% of them.
- ▶ 1:19:52 Ben Gilbert If you just own the S and P, then you could beat three quarters of the other mutual funds in the market.
- ▶ 1:24:18 David Rosenthal Jack, meanwhile, goes off to Standard & Poor's headquarters and negotiates a licensing fee with them for the rights to use the S&P. 500 index as the basis for this first index fund.
- ▶ 1:24:37 David Rosenthal He was negotiating with whoever the head of the department that ran the 500 was at S&P.
- ▶ 1:25:34 Ben Gilbert I mean, the whole world has agreed the S&P 500 is the standard brand for the market, and so they just get to take a rent of a 1.85 billion dollars a year for anybody who wants to make an index fund.
- ▶ 1:26:12 Ben Gilbert And I started looking, too, like, why doesn't Vanguard push their total market one stronger, or why doesn't someone come up with a sort of synthetic thing that looks a lot like the S&P 500, but isn't the S&P 500?
- ▶ 1:26:27 Ben Gilbert There is a 500 stock fidelity fund that is not quite the S&P 500, or at least doesn't license the name, but people just don't flock to it.
- ▶ 1:27:37 Ben Gilbert If you own the S&P 500 or you own the entire U.S. stock market, in the long run, they're going to be nearly identical returns.
- ▶ 1:29:59 David Rosenthal They don't have enough capital to go buy even 100 share lots of the entire S&P.
- ▶ 1:30:19 Ben Gilbert I think it's something like they picked the 200 largest, and then with the remaining 80, they tried to create a representative sample that was mathematically equivalent to owning the 500.
- ▶ 1:45:46 David Rosenthal Why stop at the S&P 500?
- ▶ 2:04:43 David Rosenthal You know, and hey, look, like I would definitely not recommend going and short selling at the S and P 500 that has historically been a losing game in the long run.
- ▶ 2:04:52 David Rosenthal But look, this is a product people want and shorting indexes like the S and P 500 is like a core part of many hedge funds strategies today.
- ▶ 2:05:33 David Rosenthal Well-known SPDR, Standard & Poor's Depository Receipts Trust, which is the listing for State Street's S&P-五 hundred ETF, which until recently...
- ▶ 2:07:49 David Rosenthal They're building all this market share in a S&P. 500 index that we started this.
- ▶ 2:16:07 David Rosenthal People are coming online, trading more, and seeing the option to just within your online brokerage account, buy the S&P.
- ▶ 2:16:59 Ben Gilbert It's sort of all at your fingertips and that caused people to go, wait, there's an S and P 500 button.
- ▶ 2:19:29 Ben Gilbert From 1965 to 20 25, if you had invested in the S&P 500, you would have kind of unbelievably a 10% compound annual growth rate.
- ▶ 2:19:43 Ben Gilbert Like the S&P since 65 has been amazing as a 10% annual growth rate with dividends reinvested.
- ▶ 2:31:46 Ben Gilbert And they just have to outperform the S&P over a ten-year period.
- ▶ 2:31:50 David Rosenthal Not just the S&P, specifically the Vanguard 500 Index Fund.
- ▶ 2:32:30 Ben Gilbert The, the hedge funds were off to a good start, but in the fullness of, of the decade, I don't have the numbers in front of me, but it was something like the S and P performed like a 130 something percent and the hedge funds in aggregate…
- ▶ 3:18:26 Ben Gilbert It's not like an algorithm determines what is in the S&P 500.
- ▶ 3:18:41 Ben Gilbert But the S&P 500, yeah, it's got some rules, but it's not entirely rules based.
- ▶ 3:19:02 Ben Gilbert In the long run, the S and P 500 returns are almost exactly the same as the total market returns.
- ▶ 3:20:26 Ben Gilbert It's now more than 20% of the S&P 500.
Coca-Cola: The Complete History & Strategy (Audio) · Acquired
- ▶ 3:00:58 David Rosenthal He would have been better off buying the S&P
- ▶ 3:01:08 David Rosenthal The S and P 500 is up about 11% annually.
- ▶ 3:02:06 David Rosenthal And, you know, the thing about the S&P 500, right, is it's a rotating set.
Renaissance Technologies (Audio) · Acquired
- ▶ 1:38:59 Ben Gilbert So in 1990 they had a Sharpe of two point oh, which was twice that of the S&P 500 benchmark.
- ▶ 1:45:03 David Rosenthal If you married a Rockefeller, would you advise the family that they should invest a large portion of their wealth in the S&P 500?
- ▶ 1:45:16 Ben Gilbert And these guys are very used to sharp ratios that are far better than the S&P.
- ▶ 1:45:27 Ben Gilbert And so that's basically what they come up with is, can we create something that's like an S&P 500 with a higher Sharpe ratio?
- ▶ 1:46:16 Ben Gilbert Or at least the theory behind it is a pretty good product of a lower risk, similar return thing to the S&P 500.
- ▶ 1:49:31 Ben Gilbert And frankly, it just looks a lot like the S&P 500.
Holiday Special 2022 · Acquired
- ▶ 1:58:52 Ben Gilbert Put as much into S&P 500 index funds when you're as young as you possibly can and just never sell anything.
Howard Marks & Andrew Marks: Something of Value · Acquired
- ▶ 22:52 Howard Marks The normal P.E. ratio for the S&P is 16 post-war.
Nvidia: The Machine Learning Company (2006-2022) · Acquired
- ▶ 25:16 David Rosenthal It's almost quaint, I think, you know, for me thinking back on the financial crisis now and like people freaking out the Dow, you know, during the S&P dropping five percent in a day and like, oh, that's a Thursday these days, you know.
Nvidia: The GPU Company (1993-2006) · Acquired
- ▶ 1:23:19 Ben Gilbert Which makes them the fastest semiconductor ever to reach a billion in revenue and gets them added to the S&P 500.
FTX with Sam Bankman-Fried & Mario Gabriele (Extended Cut) · Acquired
- ▶ 1:45:21 Ben Gilbert Yeah, and let me take it to like a, a, uh, S&P 500 graph for a moment.
Complexity Investing & Semiconductors with NZS Capital (Extended Cut) · Acquired
- ▶ 13:41 Brinton Johns We know that the average tenure of a CEO in S&P 500 is less than five years.
Michael Mauboussin Master Class — Moats, Skill, Luck, Decision Making and a Whole Lot More · Acquired
- ▶ 1:11:29 Michael Mauboussin We were talking about Ted Williams, you know, Bill Miller beat the S and P 500 for 15 years in a row.