Who is on this subjectordered by the date of their first quote here
2 of 2 lanes rest on fewer than 5 quotes and are marked thin. Offsets are days from the middle first-quote date, 16 Sep 2023 — a date, and nothing else. It is not a claim about who reached a view first.
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Bill Gurley
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16 Sep 2023 – 22 Jun 2024
+0 d
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Marc Rowan
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5 Dec 2023 – 3 Mar 2026
+80 d
The chronologysourced and dated, oldest first
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Bill Gurley
Gurley notes telecom market share consolidated from 48% to 85% after 1996 Telecommunications Act.
“In 1996, the top four had 48 market share. Four, five years later, after this heralded legislation, they're up to 85%. That didn't work. Let's check-in on the second one. Were they promoting innovation?”
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Marc Rowan
Rowan says 100% of returns this year came from 10 stocks at 50 PE, which few would actively buy.
“A 100% of our returns this year are from 10 stocks which constitute 35% of the S and P that traded an average PE of 50.”
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Bill Gurley
Gurley reports Nvidia alone accounts for 5% of S&P 500 returns while 493 other companies contribute only 4%.
“The other mag six are responsible for 5%. And then the other 493 companies in the S and P 500 are responsible for 4% of the 14% year to date returns.”
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Marc Rowan
Rowan argues extreme valuations in top stocks reflected money flows, not fundamentals.
“We had one stock which was larger than the market cap of every stock exchange in the world other than Japan. That was not necessarily fundamentals. That was money flow.”
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Marc Rowan
Rowan warns that ten companies dominate the S&P, joking the U.S. retirement system is essentially levered to NVIDIA.
“We have 10 companies that dominate the S and P. We've essentially, as I sometimes joke, we've levered the entirety of the retirement system of The U. S. To NVIDIA.”
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