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Hi Doug, hope this finds you well. I am a big fan of your analysis and what you are doing with Gene since founding what is now known as Deepwater AM. I wanted to double check with you the $1t reference to the S&P 500 as this number appears to be far larger according to S&P as you can read here https://www.spglobal.com/spdji/en/indices/equity/sp-500/#overview. BTW, I completely agree with your hypothesis about how Generative AI will impact (I say disrupt) the indexing industry, and I also reckon the asset management industry more broadly. The manufacturing of investment strategies have been historically controlled by asset management companies and this - I believe - will no longer hold true in its entirety when crowd-sourced marketplaces flourish, and this is the case with CrunchDAO (https://www.crunchdao.com) which I am advising to be transparent. Thanks for your everything you do, it has been particularly helpful and welcoming! Rafael

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Thanks Rafael for following us. We love the support and glad you agree with the disruption coming to indexing. Point noted on the S&P 500. I should have made it clearer that I was referencing the major indexed funds tied to S&P in the US which I believe have around $1t in assets, but you're right that far more is indexed to that king of benchmarks.

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Thanks Doug. Would you consider continuing the research on the disruption around indexing? I see the traditional players (i.e.: MSCI, S&P, etc) with tech debt that makes them slow to market and lethargic when attempting to innovate or lack thereof; nonetheless, their multiples continue to be rich such as those in the capital markets focused information providers category with 35.2x PE multiples. Best and feel free to reach out at rfebrescordero@waldenpondventures.com. Rafael

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