John Stepek

So, you know, if you say to someone, oh, I'm investing passively, well, which type of passive investment

Are you choosing?

And I think that's a really, well, it's interesting beyond the philosophical level.

It does mean not you have to think about where your money's going in a way that perhaps you kind of didn't want to or, you know, you thought it was just on autopilot.

Yeah, and when you think about it, the most volatile index this year has been the South Korean KOSPI index.

The KOSPI dropped about 9% this morning, as we're recording this on Monday.

And that's because everyone was freaking out a bit about the US possibly raising interest rates because the jobs figures weren't better than expected.

But that index is about 50-60%.

is two chip makers.

But if you're talking about like the US, which obviously is a much more globally significant index, having the top 10 amounting to about 60, 50 to 60%.

I mean, you are starting to get on for the kind of concentration that leads to the kind of volatility that we're seeing in the KOSPI index.

So again, I think that's a pretty interesting side effect.

And I think this is also... I don't know.

This is before we look at the fact that the hyperscalers, as in basically the magnificent... It's not quite the magnificent seven, but all the big tech companies are now...

I said well Google or Alphabet rather is looking to raise 85 billion in new shares from next quarter to spend on investing in AI and then there was a rumour at the weekend that Facebook owner Meta is hoping to do the same thing so if they're all flooding the market with equity issuance as well you've got to think that part of the reason that markets have gone up so much is because they've been getting smaller but now we're actually that's changing

Yeah, I mean, I suppose there's a sense because actually another tech company put this IPO docs out this morning.

The one is Bending Spoons.

which is not so well known, but it owns things like Evernote and AOL and some old sort of internet properties that it now basically just makes money from, sort of subscription type thing.

And I think it's the biggest holding in the Sheehalian.

Bailey Gifford, private capital, private assets fund.