June 17, 2026 • 16 mins
The SpaceX blockbuster IPO has captivated retail investors, but what happens after the initial excitement fades? Merryn Somerset Webb speaks to Hargreaves Lansdown's Anna Macdonald about the extraordinary demand for shares, the dangers of concentration risk, and what the IPO means for market democracy.
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Speaker 1 (00:02):
Bloomberg Audio Studios, Podcasts, Radio News.
Speaker 2 (00:13):
Welcome to Miron Talks to Your Money, the personal finance
edition of Marin Talks Money. In these bonus podcasts, we
talk about the best strategies for making the most of
your money. I'm Maren's unset web Bloomberg UK Money Editor
at Large, and with me today is Anna McDonald, investment
strategy director at Hugurus LANSDN. Welcome.
Speaker 1 (00:29):
Anna, thank you very much for having me Maren.
Speaker 2 (00:32):
It's a pleasure. We haven't had you on for a while,
but regular listeners will know that you have been frequently
on and also have appeared at our Friends show, and
anyone who's listened to those recordings will know that Anna
is expert on almost everything. But today we're going to
go We're just going to talk about one small thing,
or rather one absolutely huge thing. I've asked you on
how to talk about the SpaceX IPO and what it
(00:52):
really means for ordinary investors who an awful lot of
them have had to go at getting a piece of
this largest IPO ever. Right never heard from some of
the retail platforms that they've seen multiples of the level
of applications they have ever seen for an IPO before
you've seen the same at Harger's Lantern.
Speaker 1 (01:11):
We absolutely have. We had fifty thousand applications this time,
and the usual for an IPO is fifteen hundred. So yes,
that's quite a big that's quite a big jump up.
Speaker 2 (01:22):
Okay, interesting and were most people going for one thousand pounds,
twenty thousand pounds, fifty thousand pounds?
Speaker 1 (01:27):
What what did look like anyone who applied Just to take
you through, anyone who applied for up to twenty shares
got their fulfill and we know that you got all
your nine shares and I did get chats, I did, yes, yes,
And looking at our own clients we met, we see
that fifty two percent, so just over half got over
(01:49):
one hundred percent of their allocations. So yes, those were
those were at that kind of level, around the two
thousand pound level.
Speaker 2 (01:56):
One of the things that is interesting to me is
through which rapper people have been buying SpaceX. So I
saw from one of the platforms that the majority of
people were buying inside their ices and inside their SIPs.
Rather suggest that certainly if they're buying them inside their SIPs,
they're not buying them to flip, although possibly if you're
buying them inside and I say, you might have thinking
you can flip them very quickly and there's no capital
(02:18):
gains to pay where we're u seeing people buying in
ordinary accounts for long term, long term rappers or everything.
Speaker 1 (02:26):
We're seeing in everything, But our data shows about the
same as that shape that you've just read out, you know,
in terms of ices and SIPs being being the main areas.
So yeah, I mean I suppose, I mean you can
you could buy and sell quite easily in a SIP.
You could buy and sell quite easily on our platform.
But the what we're seeing is I just got our
(02:48):
dealers to check, and we're not seeing a huge amount
of you know, we're seeing a very very large majority
of our investors are still holding.
Speaker 2 (02:58):
Okay, interesting and in order to buy in the first place,
do you think they sold other stuff? I'm one of
the things that we worried about a lot. Not I
say we, I mean the market in general worried about,
and the run up to SpaceX was that people would
take money out of say, for example, some of the
some of the AI names or something like that. Maybe
even they were taking money out of gold to put
(03:19):
it into SpaceX and that would create quite a lot
of volatility in the market, and at various points in
the run up for the IPO looked like it was
creating some volatility. Is that what you saw? Did you
see people using cash they had already or topping up
with topping up with cash rather than selling the buyer.
Speaker 1 (03:35):
There was some topping up of cash, and of course
some people, you know, we got quite a few people
opening accounts with us, so you know they were they
were we don't know exactly, you know, where that came from,
but obviously that was cash to us. So what I mean,
I think the broad point is that, I know we
did see some volatility in the lead up to this,
but remember we were also on i don't know, the
(03:57):
thirty fifth consecutive announcement of the strait of formos opening up,
and there was just that general feeling of market nerves.
I think where we saw most of the action in
terms of individual shares might not surprise you, as a
lot of it was in Tesla and Nvidia, and then
(04:19):
of course there was good, good old Strategy Inc. Which
you'll know well from with what we've seen in terms
of cryptocurrency. And i'd rather sell a kidney than sella
bitcoin bitcoin, so I think that could have also been
slightly higher risk clients thinking well, I'm not quite you know,
making making it taking a view on that. And then
(04:39):
in terms of funds and the active funds, I mean
maybe not surprise as well, a bit of selling down
a Bailly Gifford American, you know that maybe makes a
bit of sense. And then some just general global equity
that hasn't been performing very well interestingly enough, so some
of those big names that we know that have been
not doing so brilliantly.
Speaker 2 (05:00):
Okay, so you've got now, you've got an awful lot
of small investors holding SpaceX. They've already made quite a
lot of money on it. Shared behears has gone up
appreciably since the since the launch, which was already at
on any ordinary metric, although it's impossible to judge SpaceX
on ordinary metrics, of course, but on any ordinary metrics
already insanely expensive, popped quite a lot from there. Is
(05:21):
this a sensible thing for people to be holding in
a portfolio? Let's say that. I mean a lot of
people don't hold very many individual shares right Mainly they'll
hold ETFs they'll hold a few active funds maybe, but
mostly ETFs. A few maybe very big, very big shares,
but not that many individual shares. Is this a sensible
thing to have sitting in your portfolio?
Speaker 1 (05:40):
Well, I mean we've very much tried, and other impossible
questions and other impossible questions.
Speaker 2 (05:46):
But we've.
Speaker 1 (05:48):
We've very much tried to get investors to think about, Yeah,
you know, have your have your core, your sort of
your your your bastions. Whether that's a you know, could
be a track of fund, it could be a global
fund that you really like. It could be something in
the UK, something in Europe, something in emerging markets. Have
that as your kind of base, your core, and then
(06:11):
have your your satellites can be the bits that really
interest you. I know it sounds dreadfully dull probably to
say it like that, but I do think that you
should think about companies like this that you know, it
is it is a pretty you know, this is a
very unusual company. This is it's coming at a very
it's coming as you've talked about evaluation. That is, it
(06:36):
has definitely you know, raised some eyebrows, but other people
feel very comfortable with it. And it's and it's coming.
You know, there's a very small amount floating initially free
float as in the number of shares that you can
buy themselves, very small. So it's it's it's not really
a surprise that it's very exciting for people. But I
(06:58):
suppose what I would say is that you know, you
could have have a bit of excitement. There's no there's
no harm having you know, something that really, you know, does.
Speaker 2 (07:06):
Really arouse your interest.
Speaker 1 (07:07):
But be very aware that this is not going to
be you know, you shouldn't put all your eggs in
one basket, and you might want to just you know,
have a bit and then you can also you know,
you might want to have something which you could have
other you can hold other things as well, which will
give you exposure to this same kind of pretty exciting
(07:29):
exciting area in terms of AI. But you don't have
to hold you know, you don't have to put all
your eggs into this one bust.
Speaker 2 (07:38):
More diversified way for a trust or something like that.
Speaker 1 (07:41):
So yes, today I went to see Maggie Finari. She
is CEO and runs the ri T Capital Markets. It's
the Rothschild Investment Trust and they have not only holdings
in space X, they also have and tropic and open
(08:01):
ay so as well as are very diversified portfolio in
other private companies. In public listed companies they have you know,
they've got a real mix of investments in there. So
there are ways to get get get into that theme
that don't involve sort of just putting everything in with
SpaceX because I think a lot of people I've spoken to,
(08:25):
you know, it's this pop. I hope you're feeling good
about the pop and the share price, but we don't
already know what the settled price is going to be.
We don't know how it's going to react to index inclusions,
we don't know how it's going to react when when
some of the investors that are still holding it when
they come off lock up. We just, you know, there's
(08:45):
a lot of you know, we just don't know. And
I think that some people I've spoken to say that
it takes quite a long time for something to find
its natural price, and so I think I think just
be aware of that. You you might see some volacility
in both directions.
Speaker 2 (09:19):
There's some wider issues around the SpaceX IPO that I
think are beginning to be discussed more widely now. The
original excitement has passed, and one of those courses is
shareholder democracy. The fact that Elon Musk retains the majority
of the voting rights, and so you don't have that
thing that you should get with a listed company, which
is one share, one vote, a proper democratic setup, and
(09:40):
everyone who is a shareholder will have a sense that
they can have some control over the future direction of
the company. And you don't get that with SpaceX, and
that's worried to some people that are listed markets are
now losing their democracy as well.
Speaker 1 (09:55):
And I think they've had that worry for in other
shares too. That a I mean, I think it was
much the same with Facebook as was then and and
meta as now, which you know, enable big spending decisions
around things like the metaverse to happen. So yeah, I
think I think with SpaceX there is possibly that I
(10:17):
wouldn't say it's part of the attraction having no control.
That's like saying or having no democracy. But I think
that a lot of a lot of investors think that
they want Elil must to be in the driving seat.
They want that, and so so that they're they're they're
going in very you know, they're they're really cognizant. That
(10:39):
is what's what they're buying. They're buying. I think what
a lot of them are buying is musk. I mean,
and to be.
Speaker 2 (10:45):
Fair, Starts Stardust their.
Speaker 1 (10:48):
Buying start us. But you know he has you know,
if you look at there are some it's it's a
lost making company, but they are generating revenues and they've
been signing deals and Starlink is quite well established. He's
got his track record at Tesla. You know, it's not
they're not asking you know, it's not someone unknown that
they're handing over the control to. But I do sympathize
(11:11):
with the whole idea that you know, if you're a shareholder,
you should you know, be able to vote to agms
and you should be able to you know, we wantn't
shareholder democracy. But this is I suppose one of those
special cases where you're just going to have to be
aware of that. I do think it's quite fun to
think back about when I used to look at IPOs
(11:32):
in the UK market, which I did quite a lot
when I was at a Marty, and I just used
to you know, apply things like liquidity discounts and shareholder
control discounts and things like that seems to be the
reverse now.
Speaker 2 (11:48):
No longer required, no longer required. The other thing that
we've been talking about a lot, and John and I
talked about last week is the idea that the SpaceX
IPO and the discussion about which indices is included in
and not included in effectively marks the end of the
idea that it is possible to invest passively. There isn't
really no such thing. We knew that before, we talked
(12:10):
about it a lot, and that you think you are
a passive investor, but the very active having to choose
your passive constituent is an active decision, So there is
no there is no such thing as passive investing. Really,
but now we're at the point where there isn't even
such a thing as passive investing in the US market
because some indices will include SpaceX and some will not,
(12:31):
So it kind of tells us that all investing is
active investing. Now. It's kind of over.
Speaker 1 (12:36):
Standard and poor who or S and P who produced
the S and P five hundred index. They have made well,
I think I think it's quite a sort of a
mature decision in terms of they are not changing their rules,
just to allow fast track entry for SpaceX or Anthropic
(12:57):
or open Aiyes, so they are are still thing thinking
that you know, things like seasoning as in time spent
as a listed company. They think things like profitability and
float are important. Now Nasdaq are waiting, so they they
they as are doing fast track entry, but they they
are applying a waiting to it. So it's not like
(13:19):
it's going to be there's not going to be the
kind of wall of passive money that you might have thought. So,
so that that means, yes, you if you choose Footsey Russell,
you're buying it. If you're you're getting SpaceX. If you
choose DASDAC over the next week or two, you're getting SpaceX.
If you choose s P five hundred, you're not. But
I guess there's always been that argument that, well, if
(13:40):
you're buying the Nasdaq one hundred, you are buying the
top one hundred shares, you're automatically excluding some. If you're
buying S and P five hundred, you're automatically buying those
those biggest qualifying five hundred companies. So I suppose to
some extent there always has been some kind of there's
some kind of choice there, but you're right, you are
(14:02):
actively choosing to be to have exposure.
Speaker 2 (14:05):
Okay, right, Anna, I've got nine chairs, have you got any.
Speaker 1 (14:09):
I actually do have it in I have exposure in
some of my boring diversified trusts. I don't mean they're boring.
I mean you know what I mean. I've not gone
full out on it. I think I think I'll so I.
Speaker 2 (14:23):
Have anything that whlds SpaceX is boring exactly, and uh
and yeah, so I think I'm pretty well set in that.
Speaker 1 (14:31):
But I yeah, what about what are.
Speaker 2 (14:34):
You going to do with yours? Keep good?
Speaker 1 (14:38):
That's a good long term invest mindset.
Speaker 2 (14:40):
I mean yeah, well, no, I mean also because I
don't know what's going to happen. It's you know, with
something like SpaceX, when, as I say, it doesn't fit
any normal metrics. You can either take the well, it's
horribly valued on every conceivable measure and therefore I will
take that little flip and sell it, or you can say,
I don't really know what will happen next. I suspect
(15:02):
it's horribly overvalued. But then, on the other hand, I've
said that about an awful lot of companies and almost
an awful lot of times I give you, I don't know, Google, Amazon, Video,
palante here, et cetera. So I might as well keep
my nine shares and see what happened. It is nine chairs,
not nine hundred.
Speaker 1 (15:19):
And I also think that you could, Yeah, I know
what you mean. You can sort of feel almost like
you're a bit like a broken record and whatever is
it called climbing a wall of worry? But then and
you have the same frustrations on the other side, don't
you with you know, some some whole asset classes or
areas of the market that just consistently seemed to us
(15:40):
to be undervalued. And you know, when when do we
see that switch? So it's not just some shares that
covivide the if you believe they are, But you've forgot
on the other side that something seemed to consistently have
a tough time getting that reevaluation.
Speaker 2 (15:58):
That's pretty much all anybody needs to know about SpaceX Anna,
thank you very much.
Speaker 1 (16:03):
It's a pleasure.
Speaker 2 (16:10):
Thanks for listening this week's Maren Dogs your money. If
you like our show, rate review, and subscribe wherever you
listen to podcasts. I'd be sure to follow me and
John on x or Twitter, I'm Maren s w and
John is John Underscore Step Back. This episode was produced
by Semisadi and Moses and sound designed by Aaron Casper.
Questions and comments on this show and all our shows
are always welcome. Our show email is Meren Money at
Bloomberg dot net
Bloomberg Audio Studios, Podcasts, Radio News.
Speaker 2 (00:13):
Welcome to Miron Talks to Your Money, the personal finance
edition of Marin Talks Money. In these bonus podcasts, we
talk about the best strategies for making the most of
your money. I'm Maren's unset web Bloomberg UK Money Editor
at Large, and with me today is Anna McDonald, investment
strategy director at Hugurus LANSDN. Welcome.
Speaker 1 (00:29):
Anna, thank you very much for having me Maren.
Speaker 2 (00:32):
It's a pleasure. We haven't had you on for a while,
but regular listeners will know that you have been frequently
on and also have appeared at our Friends show, and
anyone who's listened to those recordings will know that Anna
is expert on almost everything. But today we're going to
go We're just going to talk about one small thing,
or rather one absolutely huge thing. I've asked you on
how to talk about the SpaceX IPO and what it
(00:52):
really means for ordinary investors who an awful lot of
them have had to go at getting a piece of
this largest IPO ever. Right never heard from some of
the retail platforms that they've seen multiples of the level
of applications they have ever seen for an IPO before
you've seen the same at Harger's Lantern.
Speaker 1 (01:11):
We absolutely have. We had fifty thousand applications this time,
and the usual for an IPO is fifteen hundred. So yes,
that's quite a big that's quite a big jump up.
Speaker 2 (01:22):
Okay, interesting and were most people going for one thousand pounds,
twenty thousand pounds, fifty thousand pounds?
Speaker 1 (01:27):
What what did look like anyone who applied Just to take
you through, anyone who applied for up to twenty shares
got their fulfill and we know that you got all
your nine shares and I did get chats, I did, yes, yes,
And looking at our own clients we met, we see
that fifty two percent, so just over half got over
(01:49):
one hundred percent of their allocations. So yes, those were
those were at that kind of level, around the two
thousand pound level.
Speaker 2 (01:56):
One of the things that is interesting to me is
through which rapper people have been buying SpaceX. So I
saw from one of the platforms that the majority of
people were buying inside their ices and inside their SIPs.
Rather suggest that certainly if they're buying them inside their SIPs,
they're not buying them to flip, although possibly if you're
buying them inside and I say, you might have thinking
you can flip them very quickly and there's no capital
(02:18):
gains to pay where we're u seeing people buying in
ordinary accounts for long term, long term rappers or everything.
Speaker 1 (02:26):
We're seeing in everything, But our data shows about the
same as that shape that you've just read out, you know,
in terms of ices and SIPs being being the main areas.
So yeah, I mean I suppose, I mean you can
you could buy and sell quite easily in a SIP.
You could buy and sell quite easily on our platform.
But the what we're seeing is I just got our
(02:48):
dealers to check, and we're not seeing a huge amount
of you know, we're seeing a very very large majority
of our investors are still holding.
Speaker 2 (02:58):
Okay, interesting and in order to buy in the first place,
do you think they sold other stuff? I'm one of
the things that we worried about a lot. Not I
say we, I mean the market in general worried about,
and the run up to SpaceX was that people would
take money out of say, for example, some of the
some of the AI names or something like that. Maybe
even they were taking money out of gold to put
(03:19):
it into SpaceX and that would create quite a lot
of volatility in the market, and at various points in
the run up for the IPO looked like it was
creating some volatility. Is that what you saw? Did you
see people using cash they had already or topping up
with topping up with cash rather than selling the buyer.
Speaker 1 (03:35):
There was some topping up of cash, and of course
some people, you know, we got quite a few people
opening accounts with us, so you know they were they
were we don't know exactly, you know, where that came from,
but obviously that was cash to us. So what I mean,
I think the broad point is that, I know we
did see some volatility in the lead up to this,
but remember we were also on i don't know, the
(03:57):
thirty fifth consecutive announcement of the strait of formos opening up,
and there was just that general feeling of market nerves.
I think where we saw most of the action in
terms of individual shares might not surprise you, as a
lot of it was in Tesla and Nvidia, and then
(04:19):
of course there was good, good old Strategy Inc. Which
you'll know well from with what we've seen in terms
of cryptocurrency. And i'd rather sell a kidney than sella
bitcoin bitcoin, so I think that could have also been
slightly higher risk clients thinking well, I'm not quite you know,
making making it taking a view on that. And then
(04:39):
in terms of funds and the active funds, I mean
maybe not surprise as well, a bit of selling down
a Bailly Gifford American, you know that maybe makes a
bit of sense. And then some just general global equity
that hasn't been performing very well interestingly enough, so some
of those big names that we know that have been
not doing so brilliantly.
Speaker 2 (05:00):
Okay, so you've got now, you've got an awful lot
of small investors holding SpaceX. They've already made quite a
lot of money on it. Shared behears has gone up
appreciably since the since the launch, which was already at
on any ordinary metric, although it's impossible to judge SpaceX
on ordinary metrics, of course, but on any ordinary metrics
already insanely expensive, popped quite a lot from there. Is
(05:21):
this a sensible thing for people to be holding in
a portfolio? Let's say that. I mean a lot of
people don't hold very many individual shares right Mainly they'll
hold ETFs they'll hold a few active funds maybe, but
mostly ETFs. A few maybe very big, very big shares,
but not that many individual shares. Is this a sensible
thing to have sitting in your portfolio?
Speaker 1 (05:40):
Well, I mean we've very much tried, and other impossible
questions and other impossible questions.
Speaker 2 (05:46):
But we've.
Speaker 1 (05:48):
We've very much tried to get investors to think about, Yeah,
you know, have your have your core, your sort of
your your your bastions. Whether that's a you know, could
be a track of fund, it could be a global
fund that you really like. It could be something in
the UK, something in Europe, something in emerging markets. Have
that as your kind of base, your core, and then
(06:11):
have your your satellites can be the bits that really
interest you. I know it sounds dreadfully dull probably to
say it like that, but I do think that you
should think about companies like this that you know, it
is it is a pretty you know, this is a
very unusual company. This is it's coming at a very
it's coming as you've talked about evaluation. That is, it
(06:36):
has definitely you know, raised some eyebrows, but other people
feel very comfortable with it. And it's and it's coming.
You know, there's a very small amount floating initially free
float as in the number of shares that you can
buy themselves, very small. So it's it's it's not really
a surprise that it's very exciting for people. But I
(06:58):
suppose what I would say is that you know, you
could have have a bit of excitement. There's no there's
no harm having you know, something that really, you know, does.
Speaker 2 (07:06):
Really arouse your interest.
Speaker 1 (07:07):
But be very aware that this is not going to
be you know, you shouldn't put all your eggs in
one basket, and you might want to just you know,
have a bit and then you can also you know,
you might want to have something which you could have
other you can hold other things as well, which will
give you exposure to this same kind of pretty exciting
(07:29):
exciting area in terms of AI. But you don't have
to hold you know, you don't have to put all
your eggs into this one bust.
Speaker 2 (07:38):
More diversified way for a trust or something like that.
Speaker 1 (07:41):
So yes, today I went to see Maggie Finari. She
is CEO and runs the ri T Capital Markets. It's
the Rothschild Investment Trust and they have not only holdings
in space X, they also have and tropic and open
(08:01):
ay so as well as are very diversified portfolio in
other private companies. In public listed companies they have you know,
they've got a real mix of investments in there. So
there are ways to get get get into that theme
that don't involve sort of just putting everything in with
SpaceX because I think a lot of people I've spoken to,
(08:25):
you know, it's this pop. I hope you're feeling good
about the pop and the share price, but we don't
already know what the settled price is going to be.
We don't know how it's going to react to index inclusions,
we don't know how it's going to react when when
some of the investors that are still holding it when
they come off lock up. We just, you know, there's
(08:45):
a lot of you know, we just don't know. And
I think that some people I've spoken to say that
it takes quite a long time for something to find
its natural price, and so I think I think just
be aware of that. You you might see some volacility
in both directions.
Speaker 2 (09:19):
There's some wider issues around the SpaceX IPO that I
think are beginning to be discussed more widely now. The
original excitement has passed, and one of those courses is
shareholder democracy. The fact that Elon Musk retains the majority
of the voting rights, and so you don't have that
thing that you should get with a listed company, which
is one share, one vote, a proper democratic setup, and
(09:40):
everyone who is a shareholder will have a sense that
they can have some control over the future direction of
the company. And you don't get that with SpaceX, and
that's worried to some people that are listed markets are
now losing their democracy as well.
Speaker 1 (09:55):
And I think they've had that worry for in other
shares too. That a I mean, I think it was
much the same with Facebook as was then and and
meta as now, which you know, enable big spending decisions
around things like the metaverse to happen. So yeah, I
think I think with SpaceX there is possibly that I
(10:17):
wouldn't say it's part of the attraction having no control.
That's like saying or having no democracy. But I think
that a lot of a lot of investors think that
they want Elil must to be in the driving seat.
They want that, and so so that they're they're they're
going in very you know, they're they're really cognizant. That
(10:39):
is what's what they're buying. They're buying. I think what
a lot of them are buying is musk. I mean,
and to be.
Speaker 2 (10:45):
Fair, Starts Stardust their.
Speaker 1 (10:48):
Buying start us. But you know he has you know,
if you look at there are some it's it's a
lost making company, but they are generating revenues and they've
been signing deals and Starlink is quite well established. He's
got his track record at Tesla. You know, it's not
they're not asking you know, it's not someone unknown that
they're handing over the control to. But I do sympathize
(11:11):
with the whole idea that you know, if you're a shareholder,
you should you know, be able to vote to agms
and you should be able to you know, we wantn't
shareholder democracy. But this is I suppose one of those
special cases where you're just going to have to be
aware of that. I do think it's quite fun to
think back about when I used to look at IPOs
(11:32):
in the UK market, which I did quite a lot
when I was at a Marty, and I just used
to you know, apply things like liquidity discounts and shareholder
control discounts and things like that seems to be the
reverse now.
Speaker 2 (11:48):
No longer required, no longer required. The other thing that
we've been talking about a lot, and John and I
talked about last week is the idea that the SpaceX
IPO and the discussion about which indices is included in
and not included in effectively marks the end of the
idea that it is possible to invest passively. There isn't
really no such thing. We knew that before, we talked
(12:10):
about it a lot, and that you think you are
a passive investor, but the very active having to choose
your passive constituent is an active decision, So there is
no there is no such thing as passive investing. Really,
but now we're at the point where there isn't even
such a thing as passive investing in the US market
because some indices will include SpaceX and some will not,
(12:31):
So it kind of tells us that all investing is
active investing. Now. It's kind of over.
Speaker 1 (12:36):
Standard and poor who or S and P who produced
the S and P five hundred index. They have made well,
I think I think it's quite a sort of a
mature decision in terms of they are not changing their rules,
just to allow fast track entry for SpaceX or Anthropic
(12:57):
or open Aiyes, so they are are still thing thinking
that you know, things like seasoning as in time spent
as a listed company. They think things like profitability and
float are important. Now Nasdaq are waiting, so they they
they as are doing fast track entry, but they they
are applying a waiting to it. So it's not like
(13:19):
it's going to be there's not going to be the
kind of wall of passive money that you might have thought. So,
so that that means, yes, you if you choose Footsey Russell,
you're buying it. If you're you're getting SpaceX. If you
choose DASDAC over the next week or two, you're getting SpaceX.
If you choose s P five hundred, you're not. But
I guess there's always been that argument that, well, if
(13:40):
you're buying the Nasdaq one hundred, you are buying the
top one hundred shares, you're automatically excluding some. If you're
buying S and P five hundred, you're automatically buying those
those biggest qualifying five hundred companies. So I suppose to
some extent there always has been some kind of there's
some kind of choice there, but you're right, you are
(14:02):
actively choosing to be to have exposure.
Speaker 2 (14:05):
Okay, right, Anna, I've got nine chairs, have you got any.
Speaker 1 (14:09):
I actually do have it in I have exposure in
some of my boring diversified trusts. I don't mean they're boring.
I mean you know what I mean. I've not gone
full out on it. I think I think I'll so I.
Speaker 2 (14:23):
Have anything that whlds SpaceX is boring exactly, and uh
and yeah, so I think I'm pretty well set in that.
Speaker 1 (14:31):
But I yeah, what about what are.
Speaker 2 (14:34):
You going to do with yours? Keep good?
Speaker 1 (14:38):
That's a good long term invest mindset.
Speaker 2 (14:40):
I mean yeah, well, no, I mean also because I
don't know what's going to happen. It's you know, with
something like SpaceX, when, as I say, it doesn't fit
any normal metrics. You can either take the well, it's
horribly valued on every conceivable measure and therefore I will
take that little flip and sell it, or you can say,
I don't really know what will happen next. I suspect
(15:02):
it's horribly overvalued. But then, on the other hand, I've
said that about an awful lot of companies and almost
an awful lot of times I give you, I don't know, Google, Amazon, Video,
palante here, et cetera. So I might as well keep
my nine shares and see what happened. It is nine chairs,
not nine hundred.
Speaker 1 (15:19):
And I also think that you could, Yeah, I know
what you mean. You can sort of feel almost like
you're a bit like a broken record and whatever is
it called climbing a wall of worry? But then and
you have the same frustrations on the other side, don't
you with you know, some some whole asset classes or
areas of the market that just consistently seemed to us
(15:40):
to be undervalued. And you know, when when do we
see that switch? So it's not just some shares that
covivide the if you believe they are, But you've forgot
on the other side that something seemed to consistently have
a tough time getting that reevaluation.
Speaker 2 (15:58):
That's pretty much all anybody needs to know about SpaceX Anna,
thank you very much.
Speaker 1 (16:03):
It's a pleasure.
Speaker 2 (16:10):
Thanks for listening this week's Maren Dogs your money. If
you like our show, rate review, and subscribe wherever you
listen to podcasts. I'd be sure to follow me and
John on x or Twitter, I'm Maren s w and
John is John Underscore Step Back. This episode was produced
by Semisadi and Moses and sound designed by Aaron Casper.
Questions and comments on this show and all our shows
are always welcome. Our show email is Meren Money at
Bloomberg dot net
Host
Merryn Somerset Webb
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