Spencer Jakab

speaker

157 appearances 1 recordings 1 series first heard Jul 2026 last heard 26 Jul

Spencer Jakab’s voice in public audio — every appearance, attributed to the second.

Trend

recordings per month · last 12 months

Recordings per month over the last 12 months — 1 in all, peaking in Jul 2026 with 1.

Appearances

newest first · ▶ plays the moment

WSJ's Take On the Week · The Buried $150B Bet Inside the Top 20 U.S. Stocks · 26 Jul 2026 podcast

Accounting rules – but even if you own a private company, if you own a private company and you didn't contribute any money to it but someone else did at a much higher valuation, which is happening constantly these days with anything AI-related. matched

then its value is marked higher. matched

And you're not talking small companies. matched

I mean, these AI companies are trillion-dollar companies almost, or some are more than a trillion dollars. matched

So if you own a meaningful stake, like Amazon, Nvidia, those are a couple of recent examples, then it's material to their quarterly earnings if it all gets reported in a quarter. matched

And to the extent that in the first quarter, about 12 percent of the net profit of the entire S&P 500 was made up of just these companies being revalued. matched

There's no cash coming into them. matched

But it shows up. matched

This quarter, we haven't had until this company's report yet, but it's likely to be two or even three times as high because you had more of these revaluation events. matched

And so what that does is it's sort of a self-fulfilling prophecy where people look at NVIDIA. matched

They look at Amazon and they say, man, look at their profits. matched

Well, if they're doing that well, then Anthropic must be knocking it out of the park. matched

And even sophisticated people imagine or can justify when it comes to the IPO and they actually get liquidity of a higher valuation for those companies. matched

And so it's not real money yet because you're talking about small fundraisings. matched

that result in a very big bump in the total value. matched

Yes, yes, because it is – first of all, it's not cash. matched

It's just a paper gain. matched

Yeah, and then people do tend to extrapolate. matched

Right, but if you look at the S&P 500, not to be alarmist, but if you look at the earnings growth this year is off the charts including or not including that, but especially including that for an expansion. matched

I mean it's the kind of growth that you typically would see coming out of a recession, coming out of a crisis, coming out of – matched

Showing 81–100 of 157 · page 5 of 8