S&P Global
also referred to as: s&p · s&p index
includes S&P Global Ratings, S&P Global Market Intelligence
27 statements across 23 episodes · 10 bullish · 10 bearish · 23 people on the record · first statement May 2, 2017 by Ted Seides · said 15 times in 13 episodes since 2017 · across every show →
Mentions by year, the whole family
brought up most by Pat Dorsey (2), Brett Jefferson (2), Wendy Cromwell (1), Ryan Lovell (1), Richard Lawrence (1), Rajiv Jain (1), Michael Milken (1), Max Frumes (1)
tap a year for its mentions
2026 5 mentions in 4 episodes 1 per episode
2024 2 mentions in 2 episodes 1 per episode
2021 1 mention in 1 episode
2020 5 mentions in 4 episodes 1 per episode
- Brett Jefferson – Inefficiencies in Structured Credit at Hildene Capital Management (First Meeting, EP.19)
- Joel Greenblatt – Common Sense for Value at Gotham Capital (Capital Allocators, EP.165)
- Sustainable Investing 1: Wendy Cromwell – The $170 Trillion Opportunity (Capital Allocators, EP.139)
- James Aitken – Tour Around the World from a Small Island (Capital Allocators, EP.122)
- every mention in 2020, scene by scene →
2017 2 mentions in 2 episodes 1 per episode
Everything said about S&P Global, oldest first
May 2, 2017 bearish
Seides: Inflows and competition eroded hedge fund upside-downside capture post-Lehman
“The other thing that happened was, and it really started post Lehman, hedge funds disappointed. Hedge funds in the past, say equity long, short hedge funds, had a certain kind of Capture of, if the S&P went up 10%, you might expect them to make five or six per…”
May 2, 2017 bullish
May 9, 2017 neutral
Jul 10, 2017 negative
Mar 5, 2018 negative
Jan 21, 2019 negative
Biscardi: Comparing hedge funds to the S&P 500 demonstrates financial illiteracy
“I hate when I read articles 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. We're doing a different thing than the S&P is doing.”
Mar 25, 2019 neutral
Biotech underperformed tech and matched the S&P 500 over five years
“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 or five years. They'…”
Apr 1, 2019 bullish
Ariely: Human capital factors almost universally outperform the S&P 500 in backtests
“It turns out that all of those strategies but one, all of these building blocks at one, beats the S&P on that time period, and the one that does worse is like tiny bit worse. Not all of them do as well as others. It's a You know, there's a range, but one from …”
Mar 9, 2020
Dec 21, 2020 neutral
André Perold: S&P 500 gained 9% annually since 2005, 3% from multiples
“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. Of the nine, three percent a year has come from multiple expansion, and that three percent a year is entirely consisten…”
Mar 18, 2021 bearish
Paul: Bitcoin is a risk asset that drops with equities during recessions
“And we were strongly convicted that that's nonsense, that Bitcoin is a risk asset. And while it might not be correlated one to one on a five percent S&P move, If S and P falls enough, Bitcoin is going to catch up to the downside because that's wealth destructi…”
Jul 8, 2021 bearish
Grantham: Oil dropping to 2.5% of S&P is largest historic sector loss
“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. This is the biggest loss of value in the history of the major groups of the S&P that goes all the way back into the 20.”
May 5, 2022 bearish
Jun 16, 2022 bullish
Nov 28, 2022
Van Vleet: Public REITs and convertibles act as equity, not real estate or bonds
“Public REITs are not real estate. On any given day, it's equity. And convertible bonds, surprise, surprise, are not bonds. It's equity. And it's fine. You know, convert, convertible bond is a .8 S&P and a REIT is a .9 S&P and high yield is, we call it a .4 S&P…”
Nov 4, 2024 bullish
Dec 16, 2024 positive
Peters: Rebalancing hedging profits during drawdowns boosts post-bear market compounding
“Even though equities are deeply discounted, but you're rotating money back into the S&P. When that market correction or bear market ends, you're now compounding from a much higher base than if you just owned equities the whole time.”
Dec 16, 2024 negative
Peters: Chasing S&P Outperformance Often Causes Investors to Exit at Bottoms
“Some of them try to outperform the S&P, and they end up oftentimes taking on a lot of additional risk that's quite correlated to underlying equities. It works great in the right market environment. And then when the market turns against those players, the loss…”
Dec 16, 2024 bullish
Peters: Stacking Leveraged Beta With Convexity Drives Massive Compounding Through Rebalancing
“The result of it is if you combine equity beta in a leverage way, like a portable alpha type return stacking way, with what we do at this firm, our strategies are negatively correlated, positively convex, So anytime there's a wobble in the market, what we do s…”
Sep 15, 2025 bearish
Meli: S&P 500 is less attractive due to high multiples and AI
“So today I would look at that same asset and I'd say, okay, higher multiple. Less diversified. More of a factor bet on AI and power. We've run the economy hot, tons of fiscal deficit problems. If I just look at that, and you didn't tell me the name was the S&P…”
Nov 17, 2025 neutral
Dec 1, 2025 bullish
Khoury: Real Estate Is the Only S&P Sector Down Since 2022
“You're talking to somebody who's investing in the only GIC sector in the S&P that's still materially down since 22. The GIC and REITs is down almost 20%, while the S&P is up 40. We've now, since the beginning of 22, underperformed the S&P by 60%. I believe the…”
Jan 19, 2026 bullish
Kleinman: Apollo will roll out lower-leverage active equity strategies over next 5 years
“My only point is there are lots of ways that over the next five years, we will begin to bring other forms of equity to investors that isn't necessarily private equity, i.e. Levered equity buyout type capital that gives Premium to the longterm S&P with more sta…”
Mar 23, 2026 bearish
Grantham: Super-Bubbles End When Speculative Market Leaders Dramatically Underperform
“I developed a singular rule that only has occurred four times in U.S. History. The stocks that have been leading the charge up 70% in 1928, the meme stocks in twenty-twenty, up huge amounts. When they start to underperform dramatically, the market, as the bull…”
Jun 8, 2026
Jain: Position sizing should follow credit analyst logic, not equity conviction
“The sizing should be based on how a credit analyst would think. You can't have a very large position in monoline business, which operates a very narrow niche. Can't do it. So if you think about how does S&P would give AAA, it would never give AAA to an E&P com…”
Jun 8, 2026 bullish
Jul 6, 2026 positive
Dorsey: Moody's and S&P Brand Moats Significantly Lower Corporate Borrowing Costs
“Moody's and S&P, there's a value to that that's been developed over time, that if people see that Moody's is rated the bond, that S&P is rated the bond, they'll pay a lower interest rate than if the bond is rated by Pat's rating service or Ted's rating service…”