Telis Demos

speaker

290 appearances 5 recordings 1 series first heard Aug 2025 last heard 2 Aug

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 — 3 in all, peaking in Aug 2026 with 1.

Appearances

newest first · ▶ plays the moment

WSJ What’s News · The Buried $150 Billion Bet Inside the Top 20 U.S. Stocks · 2 Aug 2026 podcast

There you go. voice-verified

There's the only free lunch and investing newsletter. voice-verified

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. voice-verified

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

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

Spencer, you wrote about this. voice-verified

Tell us what jumped out at you about that. voice-verified

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

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

And Spencer, is the market appropriately valuing the earnings? voice-verified

I mean, one point you made was that it looks like the way you were kind of looking at some of the forward estimates and the multiples on those for the S&P 500 is that maybe investors were treating some of these kind of windfall gains as sort of permanent earnings. voice-verified

And you think they might be making a mistake doing that. voice-verified

Because they haven't actually sold these stakes yet. voice-verified

They've not converted them to cash. voice-verified

We're not coming out of a financial crisis. voice-verified

I want to take another quick break. voice-verified

And when we come back, I want to talk about, I don't know, it sounds like there's a case to be made for private markets given where public markets are. voice-verified

So I want to get more on that. voice-verified

I know Caitlin's done some research on that. voice-verified

So more on that when we come back. voice-verified

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