SpaceX, OpenAI and Anthropic: The S&P 500 Inclusion Question and Investment Consequences!

Aswath Damodaran · 18 Jun 2026 · aswathdamodaran.blogspot.com ↗

3 korrents from this piece

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Every claim below was made in this piece, quoted word for word and numbered in the order the piece makes them, so you can read it there rather than take our word for it. The sentence above each quote is our reading of the claim, not their wording. Each quote was checked against a stored copy of the page at build time; where the two differ, the quote is the fact.

Our reading
Active investing collectively drags down portfolio returns, and the evidence leaves almost no counter-argument.

Their wordsthere is almost no counter to the argument that active investing collectively creates a drag on portfolio performance

Interesting
Our reading
Most active investors are not hunting for information; they are betting on mean reversion in data everyone already has.

Their wordsMuch of active investing is built around publicly available information and a belief in the power of mean reversion, not original research and seeking information.

Interesting
Our reading
The claim that passive investing has made markets less efficient is overwrought.

Their wordsDoomsday stories about how passive investing is making markets less efficient and less inclined to reflect fundamentals strike me as overwrought

Interesting