S&P 500, every mention
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every year anyone Ted Seides 67Patrick O'Shaughnessy 44Eric Peters 16Jeremy Grantham 10Michael Mauboussin 9Jim Dunn 8Ed Grefenstette 8Dan Ariely 8Josh Brown 7Tom Lydon 6
Verbatim, from the transcripts: the passages where S&P 500 comes up
Contrarian Quality at GQG Partners – Rajiv Jain (EP.505)
- ▶ 40:53 Rajiv Jain That's faster than S&P. 3 times in the scene
Rodney Comegys – The Mechanics of Indexing at Vanguard (EP.498)
- ▶ 0:30 Rodney Comegys 30% of the S&P 500 is made up by seven companies. 2 times in the scene
- ▶ 30:45 Ted Seides Probably the biggest these days is the concentration of the S&P. 6 times in the scene
Kieran Goodwin – Private Credit Concerns (EP.494)
- ▶ 2:31 Ted Seides Now, I can't figure out what will happen in private credit, how the private equity bottleneck will ease, what benchmark should replace the S&P 500, or why so many people have reached out commenting on Eric's lack of interest in the show.
- ▶ 14:45 Kieran Goodwin For the six years I was there, the S&P was flat and we were up over a hundred percent.
- ▶ 45:21 Kieran Goodwin If you get a big default cycle, S&P is down, MSCI is down, so private equity has to be down.
Jeremy Grantham – Bubbles, Value Investing, and the Long Game at GMO (EP.493)
- ▶ 2:54 Ted Seides Now, I can't figure out what will happen in private credit, how the private equity bottleneck will ease, what benchmark should replace the S&P 500, or why so many people have reached out commenting on Eric's lack of interest in the show.
- ▶ 27:20 Jeremy Grantham The S&P went down 50%. 2 times in the scene
- ▶ 39:50 Jeremy Grantham They're meant to go up one and a half to two times the S&P, and they'd been going up three times in the earlier stages. 6 times in the scene
Bobby Jain – Multi-Strategy Hedge Fund First Principles at Jain Global (EP.487)
- ▶ 12:04 Bobby Jain The job was to trade S&P futures versus the underlying 500 stocks.
- ▶ 52:56 Bobby Jain The S and P was at 500, about five percent of a company was indexed. 2 times in the scene
Nick Rohatyn – Emerging Markets Multi-Asset Investing at TRG (EP.482)
- ▶ 27:06 Nick Rohatyn Obviously in DM, yes, the S&P is different than the Dow Jones, is different than the Russell, is different than this, different than that, but people are used to it by now. 2 times in the scene
Scott Kleinman – Apollo's Integrated Alternatives Platform (EP.481)
- ▶ 46:13 Scott Kleinman We just got into the S&P last year.
- ▶ 56:31 Scott Kleinman The concept of active management, for example, when you talk about active managers in the public equity environment, trying to beat the long-term S&P by two or 300 basis points, 2 times in the scene
Mike Gitlin – The Century of Capital Group (EP.479)
- ▶ 59:29 Mike Gitlin Both times the S&P 500 fell 50%. 2 times in the scene
Year in Review 2025 (EP.478)
- ▶ 13:12 Ted Seides Median has outperformed the S&P. 2 times in the scene
- ▶ 20:17 Ted Seides S and P's done well, and yet you've got active performance.
Top 5 of 2025: #4: Alex Sacerdote
- ▶ 9:23 Alex Sacerdote Really, the career track at Fidelity was to get a big fund diversified that runs against the S&P.
Robert Boucai & James Broyer – Tax-Efficient Multifamily Real Estate at Newbrook (EP.475)
- ▶ 45:15 Robert Bukai There's still opportunity, given where the level of the S&P is, and where multiples are, that perhaps the market can be broadened out.
John Khoury – Asymmetry and Opportunity in Public Real Estate at Long Pond (EP.474)
- ▶ 0:04 John Khoury The only GIC sector in the S&P that's still materially down since 22. 2 times in the scene
- ▶ 56:09 John Khoury You're talking to somebody who's investing in the only GIC sector in the S&P that's still materially down since 22. 3 times in the scene
David Lyon – Hybrid Capital Solutions for Private Assets (EP.471)
- ▶ 26:51 David Lyon If you looked at 2022, the S&P was down 20%.
Adrian Meli – Active Equity Excellence at Eagle (EP.459)
- ▶ 51:38 Adrian Meli If I just look at that, and you didn't tell me the name was the S&P index, I would say, maybe whatever percentage of my money I had at 10 years ago, I might want less today. 3 times in the scene
Ted on Alt Goes Mainstream (EP.458)
- ▶ 11:33 Ted Seides The S&P four 93 has not performed well.
- ▶ 14:29 Michael Sidgmore Hedge funds versus the S&P when you're an allocator in the hedge fund world. 3 times in the scene
- ▶ 18:46 Michael Sidgmore You mentioned S&P 500.
Tim Sullivan – Yale's Private Portfolio (EP.456)
- ▶ 23:06 Tim Sullivan We ought to be measuring these managers, not just against absolute return, but to say, well, how do they compare to a levered S&P 500 or some benchmark like that?
Bob Oros – RIA Perspective at Hightower (Private Wealth 7, EP.452)
- ▶ 20:18 Bob Oros Because these businesses are so tied to the markets, in many ways, you can think of them like index funds that index off the S&P. 2 times in the scene
- ▶ 50:24 Bob Oros So plan for the really bad stuff so you understand, like, if the S&P loses 40%, what happens to your business and how do you react to it?
Josh Koplewicz – Flexible Capital and Creative Structures at Thayer Street (EP.451)
- ▶ 48:13 Josh Kopowitz We'd be at returns that are equivalent to the S&P historical returns in that case.
Kristin Kallergis Rowland – Alts at J.P. Morgan's Private Bank (Private Wealth 4, EP.447)
- ▶ 51:24 Kristin Kolurgis-Roland Like our clients are really trying to think of understanding the concentration in public markets, especially in things like the S&P.
John Mathews – Steering the Largest Wirehouse at UBS (Private Wealth 2, EP.444)
- ▶ 21:42 John Matthews And history has told us that the S&P is going to return around 10% a year.
Geopolitical Uncertainty – James Aitken, Louis-Vincent Gave, and Marko Papic (EP.440)
- ▶ 21:50 James Aitken It's even far bigger than where the S&P closes on any given days.
Howard Marks – Navigating Private Credit (EP.439)
- ▶ 10:27 Howard Marks That's better than you can do in the S&P on average contractually.
- ▶ 15:46 Howard Marks First three-year decline in the S&P since the Great Depression.
Ed Grefenstette – Bold Allocations at The Dietrich Foundation (EP.437)
- ▶ 26:54 Ed Grefenstette S&P. 500 or any U.S. index since 1997, ok?
- ▶ 29:22 Ed Grefenstette But now we're being tested because this short period here with the S&P doing what it has done over the last thirty-odd months, and the private assets resetting,
- ▶ 35:08 Ed Grefenstette Some of it is, but we have a fair amount of exposure in China, so we have a bit of a hedge play there in the other asset pool, but we have some long-only couple of hedge funds, and we actually have a component in emerging markets slash…
- ▶ 1:07:32 Ed Grefenstette Well, we've tried to be as transparent and clear as possible that we think that this is just another shiny object in front of us, the S&P, and you know this, and most of your listeners probably do. 5 times in the scene
Brett Barth and Evan Roth – Stewarding Family Wealth at BBR (EP.433)
- ▶ 51:28 Brett Barth On any metric you look at, the S&P is pretty expensive today.
- ▶ 57:52 Brett Barth That know we're a great call on that, and so as much as I'm dismissive of private credit, these longer duration, niche-y credit opportunities continue to grow as part of our portfolio, because from our perspective, even if a lot of it is…
Eric Peters - Paradigm Shifts and Solutions at One River (EP.422)
- ▶ 10:27 Eric Peters So anytime there's a wobble in the market, what we do should make somewhere between okay money and really good money at a time when the S&P is drawing down.
- ▶ 11:15 Eric Peters So ideally, the way we looked at it and the challenge that I had was, can we compound it higher than the S&P with lower drawdowns and a better sharp? 4 times in the scene
- ▶ 12:57 Ted Seides How do you think about the S&P versus some other form of equity beta as the driver of that growth engine? 2 times in the scene
- ▶ 21:51 Eric Peters So now what happens in a strong S&P year? 5 times in the scene
- ▶ 26:02 Eric Peters Because if equity markets are performing well, then you could say, well, we're underperforming the S&P. 5 times in the scene
Jon Glidden - Delta Airlines Pension Fund Turnaround (EP.417)
- ▶ 4:35 Ted Seides John joined Delta in 2011 when the plan had seven and a half billion dollars in assets, a thirteen billion dollar underfunded liability, and the highest actuarial expected rate of return at nine percent of any company in the S&P 500.
- ▶ 10:54 Jon Glidden But what PIMCO did, they pair an S and P 500 derivative on top of a bond portfolio.
Scott Bessent - Macro Maven (EP.415)
- ▶ 19:04 Scott Bessent Maybe in 1990, the S&P was down, high teens, 20, and we were up 50.
- ▶ 23:12 Scott Bessent And then the risk manager would do a correlation and it had a 98% R squared with the S&P.
Ricky Sandler - Evolution of Long-Short Equity Investing (EP.414)
- ▶ 32:18 Ricky Sandler If you remember the year, I think the S&P was up 30% with no pullbacks.
Brad Briner - Family Office to Public Service (EP.413)
- ▶ 47:58 Brad Briner Obviously the S and P is close to an all time high.
Kristof Gleich – Boutique Managers and Active ETFs at Harbor Capital (EP.411)
- ▶ 30:35 Kristof Gleich This is a great example where if you look at the human capital factor, it's clearly doing something very different from the S&P 500 or the Russell 1000.
David Salem - Investment Wisdom from the Owner's Box (EP.409)
- ▶ 1:02:18 David Salem The only way we got the board to buy into the program was to set up a matrix that said price of the S&P. 3 times in the scene
David Eichhorn - Serving Clients and Reducing Risk at NISA (EP.403)
- ▶ 46:41 David Eichhorn Why is it a terrible when the S&P is at near all time highs?
Jeff Assaf - Protecting Clients and Assets at ICG (EP.398)
- ▶ 28:44 Jeff Assaf It's not going to be as easy for the S&P 500 passive Vanguard fund.
Dan Tennebaum - The Case for India at India Capital (EP.387)
- ▶ 1:05:04 Ted Seides You look at the US and the S&P 500 dominated by the mag seven, which has certain implications of what that means for the valuation of the S&P 500. 2 times in the scene
David Morehead – Top Down Allocation at Baylor (EP.381)
- ▶ 18:38 David Morehead And we looked around at each other and we're like, like seems like with S&P at 3600 that we're seeing a lot of 20% return opportunities around.
- ▶ 37:40 David Morehead ENF portfolios are way more diverse than the S&P.
Shiloh Bates – CLO Investing at Flat Rock Global (EP.379)
- ▶ 11:46 Shiloh Bates So unlike owning stock in the S&P 500, where you're counting on capital appreciation, maybe as being the biggest part of the return you get in CLO equity, it's actually the quarterly distributions that come to you right away.
- ▶ 20:33 Shiloh Bates It is a niche asset class, although it's grown to be a trillion, and it's just a little bit more complicated than owning a high yield bond directly or a S&P, 500 stock or a mutual fund.
- ▶ 22:22 unnamed speaker I think the attraction of CLO equity is that the returns that we're expecting to earn should pretty much rival what we think you get from the S and P 500.
Mike Freno – Confident Humility at Barings (EP.374)
- ▶ 27:42 Mike Freno And if you look at the evolution of the industry, it used to be alpha could really be generated beating the S&P by picking stocks.
Brad Jacobs – Masterclass on Leadership and Management (EP.368)
- ▶ 16:47 Brad Jacobs United Waste Systems outperformed the S&P 500 by 5.6 X.
- ▶ 1:05:01 Brad Jacobs Why did we outperform 5.6 X, the S&P 500?
George Michelakis – Chess Master's Approach to Long-Short Equity at Gladstone (EP.362)
- ▶ 27:35 George Mikulakis The fact that next year, out of the S&P, 550 companies will be up X percent, and 200 companies will be down Y percent, and that estimation is perpetually changing, and it's not just the company said X, and therefore the stock went up or…
Brian Christiansen – High-Conviction Growth Investing at Sands Capital (EP.361)
- ▶ 12:47 Brian Christensen And I've seen enough of the data looking back at, call it the S&P, 500 over the last 6070 years, as well as the anecdotal data of looking at our own
Morgan Housel – Same as Ever (EP.359)
- ▶ 16:09 Morgan Housel I think you can even say, look, Berkshire's performance over the last 25 years relative to the S&P has been okay.
Gary Sernovitz - Inside the CIO Seat (EP.357)
- ▶ 33:54 Gary Sernovitz That era of the twenty-tens, both the S&P tech winners driving it and VC is a big difference in performance between the winners and losers of capital allocators over the decade.
Ted Seides – Unlocking Investment Wisdom (EP.352)
- ▶ 24:44 Ted Seides You'd bet against anything but the S&P at that point in time, which that ended up being right at least for a couple of years, and hedge funds were the thing I understood.
Allison Thacker – Different Perspectives and Different Assets at Rice University (EP.348)
- ▶ 9:35 Allison Thacker And maybe you put up on your wall when you say a hundred percent or 95% of the S&P 500 year to date performance is from the magnificent seven.
- ▶ 19:57 Allison Thacker The other thing they do is they pay dividends, and in this last 15 years, there's been no coupons anywhere, and we're a spending institution, and so you looked at these portfolios and say they yield over this decade probably two or three X… 2 times in the scene
- ▶ 38:10 Allison Thacker Successful and impressive managers has managed to outperform the S&P 500 consistently every year.
Isaac Corre – Event-Driven Investing at Governors Lane (EP.344)
- ▶ 33:30 Isaac Corre We realized at that point in time, high yield was trading over the beta of 40 or 50% to the S&P 500.
Kimberly Sargent – Passion and Mission at the Packard Foundation (EP.333)
- ▶ 37:57 Kimberly Sargent Yeah, there's definitely a lot of zany stuff going on in the U.S. markets these days, so you have seven stocks make up 30% of the S&P, you have Apple with a market cap greater than the Russell 2000, you have the rise of the zero-day…
Sachin Khajuria and Brendan Ballou – Private Equity: Profit or Plunder? (EP.331)
- ▶ 31:49 Sachin Khajuria And conversely, those who are able to consistently demonstrate an outperformance against the market, the S&P is generally delivering you this over this
Seth Klarman – Timeless Value Investing (EP.328)
- ▶ 43:27 Seth Klarman Literally, if you and I said, look, there are two companies that are identical, except one's in the S&P and one's not, and the one that's not trades at a 20% discount, which is likely to be the better long-term investment.
Porter Collins and Vincent Daniel - Big Shorts and Big Longs (Capital Allocators, EP.325)
- ▶ 19:50 Porter Collins We had definitely a good couple years, and 2015 was a year the S&P was down, and we actually had a nice year, and at the end of 2015, the big short comes out, the movie, and we were riding high, and then of course, 2016, the markets in…
Richard Craib – Crowdsourcing Data Science for Returns at Numerai (Capital Allocators, EP.314)
- ▶ 32:07 Richard Craib So what we try to do is make sure that even on very high leverage, our volatility is way lower than the, say the S&P.
Anthony Scaramucci – Another Winter and Another Rebirth (Capital Allocators, EP.292)
- ▶ 41:44 Anthony Scaramucci S&P down 20.
- ▶ 49:02 Anthony Scaramucci And so he may have been right about hedge funds versus the S&P, although that was a really unfair bet for you guys, because
- ▶ 1:03:11 Anthony Scaramucci If you took the money I lost, and the money I made from these stupid investments that I make, I've probably matched the S&P, because I have had some hits that make up for the losses, but if a group of young people come into my office, and…
Gregg Lemkau - The Evolution of MSD (Capital Allocators, EP.291)
- ▶ 36:40 Gregg Lemkau Again, before my time, there'd been a bunch of work done that effectively said, does it really make sense to pay two and 20 or one and 15 or whatever it is to a bunch of really smart people who are going to consistently underperform the… 2 times in the scene
Ana Marshall – Preparing for the New Environment at Hewlett (Capital Allocators, EP. 288)
- ▶ 33:52 Ana Marshall And the fear, I would say, that exists in the legal department of every S&P 500 company that you will, in two years time, or whenever the SEC decrees it, you will now have to disclose your GHG emissions, scope one, scope two, scope three,…
Sachin Khajuria – Two and Twenty, An Insider's Take on Private Equity (Capital Allocators, EP.285)
- ▶ 11:58 Sachin Khajuria How come some can't beat the S&P, whatever timeframe you look at, and some can. 2 times in the scene
Thomas Majewski – Empty Rooms: Masterclass on CLOs at Eagle Point Credit Management (Capital Allocators, EP. 284)
- ▶ 19:23 Tom Majewski The Credit Suisse Leverage Loan Index is sort of the S&P 500 of the loan market, and it's had a positive return for 28 of the last 30 years.
- ▶ 1:01:36 Tom Majewski Just as the majority of people are not likely to make a dedicated CLO allocation anytime soon, I would say a super majority of people would not be able to say, 96% of CLOs had a positive return to the equity class from before the financial…
Charles Van Vleet – Thinking Differently with Pensions at Textron (Capital Allocators, EP. 283)
- ▶ 15:23 Charles Van Vleet It comes out on average right now about .6 S&P. 2 times in the scene
- ▶ 18:45 Charles Van Vleet So what things give you S and P like upside, but none of the downside call options will do that on the S and P pretty expensive.
- ▶ 20:42 Charles Van Vleet You know, convert, convertible bond is a, is a .8 S&P and a REIT is a .9 S&P and high yield is, we call it a .4 S&P. 3 times in the scene
Adam Wyden - ADW Capital (Manager Meetings, EP.37)
- ▶ 26:28 Adam Wyden The S&P or large cap indices have outperformed the small cap indices by 500 or 600 basis points.
Greg Lippmann – The Big Short and Structured Credit at LibreMax (Capital Allocators, EP.270)
- ▶ 45:34 Greg Lippmann In aggregate, they were down a little bit, but the S&P was down a lot more, high yield was down a lot more, right?
Ted Seides – Insights on investing and podcasting (Capital Allocators, EP.269)
- ▶ 48:04 Hayden Brain Uh, you pitted the ten-year performance of the S&P 500 against a selection of five hedge fund of funds, uh, from the period 2008 to 2017.
Howard Smith – Japanese Equities at Indus Capital (Manager Meetings, EP.35)
- ▶ 39:41 Howard Smith I think the S&P, 500 was down 10% in December, 18. 2 times in the scene
Ashvin Chhabra – The Aspirational Investor (Capital Allocators, EP.260)
- ▶ 31:16 Ashvin Chhabra If you're taking a lot of market risk, and the market goes to hell, and the Institute gets into deep trouble, the next Einstein doesn't come there or do their work because the S&P didn't return the right amount. 2 times in the scene
- ▶ 37:19 Ashvin Chhabra He defines beta precisely with the S&P. 2 times in the scene
Ben Forman – Opportunities in DeFi (EP.256, Crypto for Institutions 2, EP.03)
- ▶ 45:46 Ben Forman You can buy S&P, 500 exposure for a few bips.
Stephen McKeon – NFTs and the Consumer in Web3 (EP.255, Crypto for Institutions 2, EP.02)
- ▶ 52:24 Stephen McKeon Out of all the things in crypto, NFTs are probably the most uncorrelated with things like the S&P, because they're really more like a consumer product. 2 times in the scene
Steve Drobny – Where the World is Going at Clocktower Group (Manager Meeting, 30)
- ▶ 10:41 Steve Drobny so if you look at your portfolio, you're going to be long S&P, basically.
- ▶ 20:16 Steve Drobny The problem with it today, as we discussed, is that most of the investments are equity allocations, and so you're basically getting a levered S&P position.
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