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
Greg Dowling – Mid-Market Institutional Consulting at FEG (Capital Allocators, EP.248)
- ▶ 43:44 Greg Dowling No one wanted that when the S and P was up 28%, but now when you have equity markets and fixed income markets down,
Marko Papic – Geopolitical Shock in a Multi-Polar World (Capital Allocators, EP.237)
- ▶ 39:04 Marko Papic Look at the chart of SPX relative to commodity prices.
Jamie Montgomery – March Capital (Manager Meetings, EP.26)
- ▶ 17:40 Eric Yuppin When you look at any decade in the S&P 500, the Dow, or the NASDAQ, just the, the changes in the elites, or the top companies decade by decade, and sometimes even shorter periods.
- ▶ 37:59 Eric Yuppin Period of 12 years with even the S&P running at 50% above its mean on a ten-year plus basis, and being a worrier, as you know me so well, we're fairly late in the cycle, and maybe rates start to go up.
Ian Charles & Doc O'Connor – Investing in Sports Teams at Arctos Sports Partners (Capital Allocators, EP.225)
- ▶ 40:27 Ian Charles Compounded returns of 12 to 14% per year, which is about a 500 basis point premia to the S&P 500.
Himanshu Gulati – Antara Capital (Manager Meetings, EP.19)
- ▶ 26:44 Himanshu Gulati At that point, you're more of a proxy to whatever those underlying positions are in, whether it be an S&P, whether it be high yield, depending on the asset class.
Jordi Visser – Analytics and AQ at Weiss (Capital Allocators, EP.221)
- ▶ 32:22 Jordi Visser The passive boom, when you look at the S&P, it's 2 times in the scene
Paula Volent – Star Endowment Manager's Next Act at Rockefeller University (Capital Allocators, EP.219)
- ▶ 19:32 Paula Volent I sometimes told my interns it was like baking a cake, so you had the S&P 500 as the flour, and then you put stuff around, and you might add some really amazing spice
Daniel Graña – Janus Henderson Investors Emerging Markets Equity (Manager Meetings, EP.13)
- ▶ 37:37 Daniel Graña Well, number one, I would say if you were to strip out the 40 most successful US stocks out of the S&P 500 and compare that to the, so the remaining S&P 460, I guess.
Luke Ellis – The Man Behind The Man Group (Capital Allocators, EP.214)
- ▶ 59:21 Luke Ellis And while you might've been a bit more patient and there was a good thing, somebody this morning sent me a chart of the Dow, because you can't get the S and P going there, but going back to, and you look at that chart and with the…
Rick Rieder – BlackRock (Manager Meetings, EP.08)
- ▶ 33:34 Rick Rieder So we use a term called risk on, which is tethered the S and P function to understand the beta of an asset.
Bruce Martin – Still Lake Capital [Manager Meetings, EP.7)
- ▶ 39:12 Bruce Martin And I wrote in my first letters, I'll tell you what the S&P 500 doing.
Julia Bonafede – Rosetta Analytics (Manager Meetings, EP.04)
- ▶ 7:22 Jim Dunn Let's start with the SMP, but then can we apply it to carbon?
- ▶ 42:57 Julia Bonafede But what you end up seeing in terms of the overall behavior of the portfolio is this very methodical capture of return at sometimes a third of the risk of the S&P, which gives you a very efficient return.
Jeremy Grantham – GMO (Manager Meetings, EP.01)
- ▶ 30:36 Jeremy Grantham But when the smoke cleared, oil as a percentage of the S&P had come down from 25% in 1982 and 16% in oh eight to two and a half percent yesterday. 2 times in the scene
Dan Ariely – The Human Capital Factor (Capital Allocators, EP.195)
- ▶ 19:39 Dan Ariely How well does this index does compare to the S&P 500, for example, the last four years? 4 times in the scene
- ▶ 38:55 Ted Seides So when you go to construct these indexes to isolate this human capital factor, are you normalizing across sectors, maybe compared to in the U S the S and P 500 sectors, or are there significant sector biases that come into play just…
Yen Liow - The Quest for the Right Tail at Aravt Global (Capital Allocators, EP.188)
Crypto for Institutions 4: Ari Paul – Exploiting Inefficiencies in Crypto Trading (Capital Allocators, EP.183)
Crypto for Institutions 1: Eric Peters – The Macro Case for Bitcoin (Capital Allocators, EP.180)
- ▶ 20:48 Eric Peters So if we wanted to do anything in S&P futures or treasury futures or anything else, the competition for our business is extremely high.
Alex Shahidi and Damien Bisserier – Uncorrelated Return and Balanced Risk at Evoke-ARIS (Capital Allocators, EP.179)
- ▶ 40:41 Alex Shahidi They're not going to have those same conversations of, hey, the S&P is up 20, you're up 10, what's wrong with you?
Collette Chilton – Humility and Loyalty at Williams College (Capital Allocators, EP.174)
- ▶ 19:46 Colette Chilton So we had that manager in the portfolio when we went into the financial crisis, and it was the only separately managed account we had, and it was basically large cap S&P 500 stocks.
Fran Kinniry – The Comfort of Paradox at Vanguard Group (Capital Allocators, EP.173)
- ▶ 16:18 Fran Kinniry So the S&P 500,
André Perold – Pockets of Inefficiency at HighVista Strategies (Capital Allocators, EP.169)
- ▶ 42:08 unnamed speaker You know, the last 15 years that we've been in business, if you look at the return on the S&P, it's nine percent a year since the late 2005. 3 times in the scene
Chamath Palihapitiya – The Social Capital Flywheel (Capital Allocators, EP.167)
- ▶ 11:39 Chamath Palihapitiya That as the number of entrepreneurs have gone up, the amount of capital has gone up, and the returns have come down, where now you're signing up for 10 to 12 years of illiquidity, and a market beta that's worse than owning an S&P index…
Joel Greenblatt – Common Sense for Value at Gotham Capital (Capital Allocators, EP.165)
- ▶ 38:06 Joel Greenblatt Look, people can't take much tracking error, so we're going to start with the S&P, which is most people's benchmark, and if we like something, we think it's cheap, we're overweight a little.
- ▶ 1:15:16 Joel Greenblatt We'll make things harder, but having a long-term perspective, I always give the example when my kids at Columbia ask the question, I say, hey, let's go back when you guys learned how to read and take a look at the most followed market in… 3 times in the scene
Marko Papic – Geopolitical Alpha at Clocktower Group (Capital Allocators, EP.161)
- ▶ 23:10 Marko Papic So the S&P 500, the tenure, oil prices, the dollar, 5 times in the scene
Carrie Thome – Nothing Ventured, Nothing Gained at WARF and beyond (Capital Allocators, EP.160)
- ▶ 39:38 Carrie Thome I had once asked a good friend who was a marketer and said, you know, I'm not the kind of person who just loves to jump on and see what the S&P 500 is doing every day.
Morgan Housel – The Psychology of Money (Capital Allocators, EP.155)
- ▶ 47:36 Morgan Housel If you went back 10 years ago, or 15 years ago, and you looked at the S&P 500 and you said, what are the winners going to be? 2 times in the scene
Taimur Hyat – After the Great Lockdown (Capital Allocators, EP.149)
- ▶ 29:37 Taimur Hyat Succeed and thrive, and for those components, hard as they are to value, and some of them are not even captured under GAAP accounting as assets, R&Ds, and expense, become much more important in driving value than some of the traditional…
Brett Jefferson – Inefficiencies in Structured Credit at Hildene Capital Management (First Meeting, EP.19)
- ▶ 1:07:47 Brett Jefferson I'm not talking about the ones that mimic the S&P or the Dow.
Michael Mauboussin – Consilient Observations in a Crisis (Capital Allocators, EP.127)
- ▶ 25:50 Michael Mauboussin They had this really interesting analysis where they say after a drawdown of 20% in the S&P 500, you wait three months.
- ▶ 39:43 Michael Mauboussin You and I can look at the S&P.
Christie Hamilton – Tweeting on Allocation at Children's Health (Capital Allocators, EP.124)
- ▶ 20:42 Christy Hamilton I like the downside protection, and frankly, the goal of our institution's program is not to beat the S&P. 2 times in the scene
Doug Phillips – Middle of the Fairway at the University of Rochester (Capital Allocators, EP.123)
- ▶ 38:35 Doug Phillips We also benchmark against ACWI, not the S&P.
- ▶ 40:54 Doug Phillips And usually it's the SMP or something like that, that we know that they're adding value on the short side. 2 times in the scene
- ▶ 47:19 Doug Phillips You saw that natural resources were the worst performing component of the S&P 500 for the past decade.
Dan Rasmussen – Private Equity Risk and Public Equity Opportunity at Verdad Advisers (First Meeting, EP.15)
- ▶ 24:22 Dan Rasmussen You can see it in the deal multiples, where if S&P 500 is at 12 to 13 times EBITDA, private equity claims it's at 12 to 13 times EBITDA, but, you know, those EBITDA numbers are not accounting for all the proforma 2 times in the scene
Ted Seides – A Rational Reminder (Capital Allocators, EP.121)
- ▶ 5:37 Cameron Passmore And then famously made that debt with Warren Buffett in 2008, whether or not the pool of hedge funds would beat the S&P 500.
- ▶ 30:35 Ted Seides I think that the US market for index funds is actually quite different from most other markets around the world in that, say the S&P 500 is very diverse with a lot of global leading companies. 2 times in the scene
- ▶ 37:33 Ted Seides And so I went into the bet thinking, boy, with the valuation as high as it was on the S&P 500 and, and most everybody fairly complacent that that is a long-term 4 times in the scene
Gregory Zuckerman – Decoding Renaissance Medallion (Capital Allocators, EP.119)
- ▶ 25:17 Gregory Zuckerman It was an S&P 500 number that was static.
Steve Rattner – Overseeing Michael Bloomberg's Family Office (Capital Allocators, EP.113)
- ▶ 32:21 Steve Rattner I think from that point to today, even if you invested all your money on that date, I think the S&P is compounded at seven percent, plus or minus. 2 times in the scene
Dawn Fitzpatrick – Multi-Faceted Investing at Soros Fund Management (Capital Allocators, EP.112)
- ▶ 26:27 Dawn Fitzpatrick S&P went down 45% and took a decade to recover.
Scott Kupor - Andreessen Horowitz (First Meeting EP.07)
- ▶ 47:27 Scott Kupor So again, if I'm Fidelity, my benchmark presumably is NASDAQ or the S&P 500, I don't know what it is, but look, if I can underwrite to a net 15% IRR over a two and a half to three year period,
David Druley – Structure into Action at Cambridge Associates (Capital Allocators, EP. 106)
- ▶ 43:23 Ted Seides Hard to keep up with the S&P, hard to keep up with the sixty-forty over the last 10 years.
Michael Novogratz – Galaxy Digital (First Meeting, EP.06)
- ▶ 19:26 Mike Novogratz The S and P and treasuries
Ash Williams – Florida SBA's Reigning Chief (Capital Allocator, EP.104)
- ▶ 21:51 Ash Williams And I raised the question and said, listen, we really need to separate the fiduciary duty and the political policy as it relates to health and dangerous products like cigarettes, because I can't really hold a manager accountable for… 2 times in the scene
Tim Recker - Concentration at the James Irvine Foundation (Capital Allocators, EP.100)
- ▶ 9:27 Tim Recker And we had managers like Legg Mason with Bill Miller at the time, who had, I don't know, I think, 13 years straight of beating the S&P 500.
Michael Mauboussin – Who's on the Other Side (Capital Allocators, EP.99)
- ▶ 12:54 Michael Mauboussin I mean, just to be super clear, it's very difficult behaviorally because you think about March of 2009, so 10 years ago, you mathematically, the S&P had touched six 70, you know, earnings power is probably 85 bucks.
Matt Levine – Money Stuff (Capital Allocators, EP.97)
- ▶ 37:10 Ted Seides It used to be you pick stocks, and I'm comparing you to the S&P.
David Zorub - The Path to a Hedge Fund Launch (Capital Allocators, EP.96)
- ▶ 14:41 David Zorub And I'm looking at this, and I'm saying, if I recall, S&P's off maybe 15% peak to trough.
Dan Ariely – Investing in Irrationality (Capital Allocators, EP.93)
- ▶ 23:14 Dan Ariely How much does it make compared to the S&P, for example? 4 times in the scene
Jordi Visser – Next Generation of Manager Allocation (Capital Allocators, EP.92)
- ▶ 12:02 Jordi Visser Running some of the index derivative business, specifically the S&P book, which was the largest option book at the firm, and then took over the exchange traded fund.
- ▶ 1:09:32 Jordi Visser It's interesting that if you go look at the biotech industry relative or any of the small cap biotech industries relative to the NASDAQ or relative to the S&P, they've underperformed the NASDAQ, so they've underperformed tech the last four… 2 times in the scene
Thomas Russo – All About Berkshire Hathaway (Capital Allocators, EP.89)
Ron Biscardi – Putting Hedge Funds in Context (Capital Allocators, EP.83)
- ▶ 40:49 Ron Biscardi and I see comments on the hedge fund industry not keeping pace with the S&P, and I know that the person behind the article probably doesn't know what a Sharpe ratio is. 2 times in the scene
Tim McCusker – Consistency and Creativity as CIO at NEPC (Capital Allocators, EP. 80)
- ▶ 48:15 Tim McCusker If we own the S&P 500, if we've got the FAANG stocks in our portfolio, they're spending a lot of research dollars on it.
Mark Baumgartner – Luck, Risk and Uncertainty at the Institute for Advanced Study (Capital Allocators, EP.77)
- ▶ 29:52 Mark Baumgartner I don't think anybody expected earnings on the S&P to be above a 150 bucks a share at this point, but buybacks, and it's just been a fantastic environment, a fantastic outcome, but
Karl Scheer – Competing Sensibly as CIO of the University of Cincinnati (EP.74)
- ▶ 45:14 Karl Scheer S&P 500 is a great place just to accept the return of the marketplace and strive for excess returns elsewhere. 2 times in the scene
Andrew Tsai – Catching a Theme on the Chalkstream (EP.73)
- ▶ 7:33 Andrew Tsai And that was in the pits, the S&P 500 option pits.
- ▶ 56:14 Andrew Tsai 0.1 beta or so to the S and P over the last five, six years.
- ▶ 57:45 Andrew Tsai If you're in the hedge fund industry, private equity industry, you have beta, DS&P.
Michael Batnick - The Best Investors and Their Biggest Mistakes (Capital Allocators, EP.71)
- ▶ 15:06 Michael Batnick Though, the part about Buffett putting 90% of his money in the S&P 500 index, well, that really resonated with me.
Sarah Williamson – Focusing Capital on the Long-Term (Capital Allocators, EP.67)
- ▶ 33:56 Ted Seides But you know that BlackRock's S&P, 500 index fund is going to own Amazon 25 years from now, with near certainty.
Charley Ellis - Indexing and Its Alternatives (EP.62)
- ▶ 26:40 Charlie Ellis You can do the total US market, or you can do the S&P, or whatever generic broad base you want.
Anthony Scaramucci – It's Called a Mooch (Capital Allocators, EP.60)
- ▶ 17:58 Anthony Scaramucci I mean, I don't even know where I think the, uh, S&P was six 70, something like that.
Tom Lydon – ETF Trends (Capital Allocators, EP.56)
- ▶ 9:33 Tom Lydon Basically, you wanted to make sure that it was highly correlated to the S and P 500.
- ▶ 14:27 Tom Lydon So, uh, in 1993, Jim Ross, a good friend of mine at State Street, and a crew put together the first ETF, SPY, the S&P 500 ETF, merely as another way for liquidity for big clients that wanted
- ▶ 31:41 Tom Lydon So you think about all the S&P, 500 indexes that are out there and ETFs that wrap around them. 4 times in the scene
John Pfeffer - Crypto for Institutions (Capital Allocators, EP.54)
- ▶ 45:36 John Pfeffer I look at each individual one as where the opportunity cost for me is investing less in an LBO fund, or in the S&P, or the Euro stocks, or whatever.
Chris Brockmeyer – On Broadway (Capital Allocators, EP.47)
- ▶ 22:58 Chris Brockmeyer So, you know, obviously not nearly as bad as the S and P because we had fixed income diversification, but we felt, we suddenly realized there was not safety to be had in the fixed income arena.
Andy Redleaf - Evolution of Markets (Capital Allocators, EP.46)
- ▶ 17:28 Andy Redleaf You know, an institutional investor could buy the S&P, 500, or, or short it if he, he wanted to.
Wayne Wicker - Managing for Millions who Matter (Capital Allocators, EP.44)
- ▶ 13:46 Wayne Wicker So we made a decision because we felt that the spread between the 30 year treasury and the S&P was wide enough that our model was suggesting we go full on into treasuries at that time.
- ▶ 54:42 Wayne Wicker Maybe this is where the active bias, ah, in certain situations comes into place, where I think that the general consensus for, you know, a S&P 500 mandate is go passive. 2 times in the scene
Basil Qunibi - Moneyball for Allocators (Capital Allocators, EP.42)
- ▶ 22:27 Basil Qunibi There was really very little chance that you were going to generate substantial alpha over the S&P, right?
Rick Selvala - Harvesting Volatility (Capital Allocators, EP.41)
- ▶ 22:13 Ted Seides Warren Buffett and Berkshire Hathaway, right, who coined derivatives as weapons of financial mass destruction, and around that same time, around the financial crisis, he sold long-dated puts, I guess, on the S&P. 4 times in the scene
- ▶ 30:23 Rick Selvala Finding someone who's really good at stock picking, you know, bottom up research, et cetera, and then use S&P index options as more of the macro bet around, you know, macro hedge around.
- ▶ 40:00 Rick Selvala But what I, I guess I'd start with, you know, we've had a market, the S&P, which, you know, hadn't had a five percent pullback in 2 times in the scene
- ▶ 43:35 Rick Selvala We only trade options on the S and P 500. 2 times in the scene
- ▶ 49:22 Rick Selvala Unlimited, and, um, try to be long, vague, but also earning theta at the same time, and, and just be more opportunistic, and, and take what, what's being handed to us, all in the name of beating the S&P over time, but in a completely…
Seth Masters – Investment Polymath (Capital Allocators, EP.38)
- ▶ 26:41 Seth Masters Does it matter if you did one percent better than the S&P this year? 5 times in the scene
Bill Spitz – Seasoned Commodore (Capital Allocators, EP.37)
- ▶ 21:42 Ted Seides How do you work with a client and keep them a pace at a strategy that clearly isn't keeping up with the S&P 500 over a long period of time where if that is their benchmark, you're underperforming?
- ▶ 41:41 Ted Seides There's a gentleman in Omaha that says, just buy the S&P, 500, everything will be fine.
Michael Mauboussin – Active Challenges, Rational Decisions and Team Dynamics (Capital Allocators, EP.36)
- ▶ 19:08 Michael Mauboussin Because if you have a fiduciary responsibility, and you put someone into a product that competes with the S&P, and they do substantially worse, you don't want to expose yourself to any sort of liability in that regard.
- ▶ 26:46 Ted Seides Now, most of these studies that we cite are all relative to the S&P and it's focused on the US. 2 times in the scene
- ▶ 43:13 Michael Mauboussin And, you know, I saw an interesting chart the other day and went back probably 50 years, but looked at the average volatility for the S&P 500 and the average basis point change in the 10 year treasury note. 4 times in the scene
- ▶ 44:40 Michael Mauboussin Most of the volume, for example, in ETFs would be things like the SPDR, which is the S&P, and there's just not, there's unlikely to be a big issue there, but as you point out, we've had this massive proliferation, and especially into…
Margaret Chen – Leadership and Outsourcing the Investment Office (Capital Allocators, EP.35)
- ▶ 15:39 Margaret Chen Why don't we have 80% of the S and P?
- ▶ 30:47 Ted Seides You know, the S&P is plenty diversified. 4 times in the scene
Deep Dive into Hedge Funds (Capital Allocators, EP.34)
- ▶ 16:54 Ted Seides But at a five percent short-term interest rate, someone goes long the S&P and short the S&P, and they make about four percent.
- ▶ 31:45 Patrick O'Shaughnessy And yet, the fees in aggregate charged by hedge funds, I don't know what exactly they are, maybe, maybe you have a better, better idea, but they're high, obviously, relative to an S&P 500 index fund.
- ▶ 40:05 Patrick O'Shaughnessy So if you're running a, you know, closet index fund and you're 30% or 70% overlapped with the S&P, the fee that's being charged on the active portion is a lot higher than it looks at the stated management fee level. 2 times in the scene
- ▶ 1:09:27 Patrick O'Shaughnessy We might have, you know, we might be the first investor in, in John Paulson's, um, fund that goes up an unbelievable amount, but the odds suggest that the, this as a group, our allocation as a group is just not going to be able to out earn…
Meredith Jenkins – A Path to Trinity (Capital Allocators, EP.31)
- ▶ 48:55 Ted Seides Hedge fund returns gross of fees versus the S&P 500 for the next 10 years. 2 times in the scene
Scott Malpass – The Fighting Irish's Twelfth Man (Capital Allocators, EP.25)
- ▶ 25:05 Scott Malpass I mean, if you, if you look at the top five market cap companies in the S and P today versus 20 years ago, I mean, it's completely different, right?
- ▶ 29:06 Ted Seides S&P.