SpaceX, OpenAI, Anthropic: S&P 500 Inclusion Threatens Passive Investing
Damodaran argues that calls to keep the trillion‑dollar private firms out of the S&P 500 are driven by active managers, academics, and politicians fearing exposure and perceived unfairness. Including them would reshape index composition, boost passive fund exposure, and force investors to reckon with companies that still burn cash. The debate has real consequences for retirement portfolios.