S&P 500

“So far this year, NVIDIA is responsible for five percent of the S&P 500 returns. The other MAG six are responsible for five percent, and then the other 493 companies in the S&P 500 are responsible for four percent of the 14% year to date returns.”

“If you look at the S&P, 500 as a whole earnings are, you know, roughly flat during that period of time. And if you look at, if you take out those tech stocks, the other 495 earnings are actually down five percent.”

“You have a company at a 3.3 trillion market cap that's still growing over a hundred percent a year, and the margins are insane. I mean, 65% operating margins. There's only like five companies in the S&P 500 at that level, and they certainly aren't growing at t…”

“I don't expect a 25% up year for a broad-based index.”

“And in 2024, the big five, so in this case, Microsoft, Meta, Nvidia, Amazon, and Google grew earnings at 44%... If you look at the other 495 companies in the S&P, their earnings only grew two percent.”

“I don't think we're going to see a year that looks anything like 20, 23 or 20, 24 anyway. But if you just said, can we get to 10 or 15% on the market? A couple of things have to happen. You have to see this acceleration in earnings, number one, and number two,…”

“If you look at the S and P, we think that S and P is baking in a big earnings acceleration this year. And that's on top of already high multiples. So the S and P X mag seven has a big hurdle this year. If you look at what's expected out of mag seven, it's a pr…”

“It creates private investment savings accounts, privately owned for every child at birth, seated with a thousand bucks in the S&P 500.”