S&P 5 vs. S&P 500: The Real Story of the Stock Market Recovery

The Breakdown

Blockworks

Investing, Business

4.8 • 786 Ratings

🗓️ 20 August 2020

⏱️ 18 minutes

🔗️ Recording | iTunes | RSS

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Summary

Today, NLW debuts a new format: “10 Takes in 10(ish) Minutes.” In this analysis, he looks at 10 takes surrounding the S&P 500’s return to positive territory on the year, including: Great American comeback Market disconnect and widening inequality Don’t fight the Fed To the Stoolies go the spoils Stock splits and SPACs It’s Tech vs. everything else Cantillon insiders FTW A new era of global liquidity? You’d have done better with gold You’d have done a lot a lot better with bitcoin

Transcript

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0:00.0	This is the part of the market recovery narrative that is on the one hand the most obvious
0:04.8	and on the other hand, the most ignored by media. This is not a story of S&P 500 success. This is a story
0:12.0	of S&P 5 success. That's the deal. That's the take. That's the whole thing. It is the S&P 5.
0:19.5	This is a tech-driven rally. And we can have a conversation
0:22.9	about whether that's deserved and how much this is showing just how much of our lives are moving
0:27.4	online, right? Maybe this isn't a bad signal or rather a non-indicative signal. Maybe this is an
0:32.9	indication of just how important these companies are compared to everything else. Maybe this is
0:37.1	correct.
0:37.9	However, we still can't ignore the fact that the other 495 companies on the S&P 500 are simply
0:45.5	not performing. This is not a story of stock market success. It's a story of technology consolidation.
0:53.5	Welcome back to The Breakdown with me, NLW. It's a daily
0:58.5	podcast on macro, Bitcoin, and the big picture power shifts remaking our world. The breakdown is
1:04.6	sponsored by crypto.com, BitStamp, and nexo.io, and produced and distributed by CoinDes.
1:13.1	What's going on, guys? It is Wednesday, August 19th, and today we are discussing just how real
1:21.6	is this stock market recovery. Now, this is one of those episodes where the whole episode feels like the brief
1:29.5	in some way. In fact, I'm actually debuting a experimental format today. I'm calling it roughly
1:36.3	10 takes in 10 minutes. And if you've listened to this show, you know there's no way I'll keep
1:41.1	it to 10 minutes, but I'm going to try, or at least I'm going to try to be a little bit quicker. So what I'm going to do is I'm going to go through 10 different
1:48.0	takes or interpretations of the S&P 500, which closed at a record high yesterday. It had
1:54.7	wiped out the losses from the coronavirus shutdowns. And so obviously there is a lot of
2:00.4	narrative making and meaning claiming
2:02.9	around this event. And I thought it'd be fun to quick hit go through a bunch of different
	...

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