Telis Demos

speaker

1,116 appearances 8 recordings 1 series first heard Jul 2026 last heard 20 Sep

Telis Demos’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 — 8 in all, peaking in Aug 2026 with 4.

Appearances

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

Then, like you guys said, there are so many frictions and costs associated with, and it's difficult to get a broad spectrum of private company exposure in your portfolio.

I'm sure there are ways, but...

They're not cheap.

And so you're saying, Spencer, to your point, a Europe index fund is going to be a lot cheaper and a nice diversifier before you get to, oh, I want to own this bleeding edge technology company.

I want to come back to this return point but we should also take a quick break and when we come back I do want to ask you Spencer about something you were writing about recently about the impact of these private companies on the earnings of the companies that we all

know and love and have staked our retirement through the NVIDIAs and alphabets of the world.

So we're going to take a quick break and come back for more with Caitlin Hendricks and Spencer Jacob.

Welcome back.

So, Spencer, you in the Markets AM newsletter, which is free and tremendous as we there you go.

There's the only free lunch and investing newsletter.

Don't say don't say the diversification.

You wrote about how these stakes that we're talking about, you know, the pretty, you know, the meaningful numbers that are invested in private companies through these big public companies.

So we've been talking about IPOs and we know the valuations of these companies have grown.

That's had like a pretty meaningful effect on the earnings of some of those leading S&P 500 companies, right?

Spencer, you wrote about this.

Tell us what jumped out at you about that.

And accounting rules- Every quarter, they'll have to say, oh, the value of this business went up, but that's-

Just what the market did.

Right.

Well, Caitlin, what's the right way to think about these earnings as an investor?

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