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Chapter 1: What is the significance of the SpaceX IPO for retail investors?
We don't just invest in cutting edge companies. We look at companies with a history of steady growth. And companies whose growth cycle has come round again. Because in the real world, you have to look at growth in three dimensions. Monk's Investment Trust.
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Welcome to Merrin Talks Your Money, the personal finance edition of Merrin Talks Money. In these bonus podcasts, we talk about the best strategies for making the most of your money. I'm Merrin Zumset-Webb, Bloomberg UK Money Editor-at-Large, and with me today is Anna MacDonald, Investment Strategy Director at Hargreaves Lansdowne. Welcome, Anna. Thank you very much for having me, Merrin.
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Chapter 2: How has the demand for SpaceX shares compared to previous IPOs?
holdings in SpaceX. They also have Anthropic and OpenAI. So as well as a 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
that 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, you know, it's this pop, I hope you're feeling good about the pop in the share price, but we don't really know what the settled price is gonna 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 some of the investors that are still holding it, when they come off lockup, We just, you know, there's a lot of, you know, we just don't know. And I think 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 just be aware of that. You might see some volatility in both directions.
We don't just invest in cutting-edge companies. We look at companies with a history of steady growth and companies whose growth cycle has come round again. Because in the real world, you have to look at growth in three dimensions. Monk's Investment Trust.
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Chapter 3: What are the risks associated with investing in SpaceX?
So 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. So it kind of tells us that all investing is active investing now. It's kind of over.
Standard & Poor's, or S&P, who produced the S&P 500 index, they have made what I think is quite a mature decision in terms of they are not changing their rules just to allow fast track entry for SpaceX. or anthropic or open AI. So they are still 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 are doing fast track. entry, but they are applying a weighting to it. So it's not like it's going to be, there's not going to be the kind of wall of passive money that you might have thought. So that means, yes, if you choose FTSE Russell, you're buying it. If you're getting SpaceX, if you choose NASDAQ over the next week or two, you're getting SpaceX.
If you choose S&P 500, you're not. But I guess there's always been that argument that Well, if you're buying the Nasdaq 100, you are buying the top 100 shares. You're automatically excluding some. If you're buying S&P 500, you're automatically buying those biggest qualifying 500 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 actively choosing to have exposure. Okay, right. Anna, I've got nine chairs. Have you got any? I actually do have it. 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 also... I don't think anything that holds SpaceX is boring. No, exactly.
And yeah, so I think I'm pretty well set in that. But yeah, what are you going to do with yours? Keep them. Good. That's a good long-term investing mindset.
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 overvalued 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 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, Nvidia, Palantir, etc. So I might as well keep my nine shares and see what happens. It is nine chairs, not 900.
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 called climbing a wall of worry. But then at the end, 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 seem to us to be undervalued.
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Chapter 4: How are investors choosing to buy SpaceX shares?
Sound design by Aaron Kasper. Questions and comments on this show and all our shows are always welcome. Our show email is merrinmoney at bloomberg.net.
The Big Take podcast from Bloomberg News keeps you on top of the biggest stories of the day.
My fellow Americans, this is Liberation Day.
Stories that move markets.
Chair Powell opened the door to this first interest rate cut.
Impact politics. Change businesses. This is a really stunning development for the AI world. And how you think about your bottom line. Listen to The Big Take from Bloomberg News every weekday afternoon on the iHeartRadio app, Apple Podcasts, or wherever you get your podcasts.
Hey, it's Alec Baldwin. This season on my podcast, Here's the Thing, I talk to composer Mark Shaman. It's about the hang. It's the pleasure of hanging out with the people that you're with. You know, Rob and I was always a great hang.
And director Morgan Neville. Film school teaches you all the wrong things about making documentary. What do you want to say? Documentary is all about your ear. What do you hear? I feel like my job is listening really, really hard.
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