A thematic basket representing the S&P 500 index excluding the seven largest mega-cap technology companies.
1 take · first discussed Jun 21, 2025
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Friedberg holds a bearish, medium-conviction view on the S&P 493, arguing that AI-driven disruption is creating an unusually wide dispersion between companies that successfully adopt the technology and those that don't. He contends this is the first time in roughly 20 years he would feel comfortable shorting the broader index (ex-Mag-7) while selectively picking a handful of AI winners. Only one host's thesis was provided, so no cross-host agreement or disagreement can be assessed. No other hosts weighed in on this specific position.
Friedberg argues this is the first time in 20 years he'd feel comfortable shorting the S&P (ex-Mag 7) while picking a few AI winners, as AI creates historic dispersion between companies that adopt and those that don't.
I think it's the first time you could probably argue that you could go short the S&P Yeah, and pick a couple of winners. It might be the first time that I would feel in the last 20 years— because I'm pretty negative on people being able to”1:19:41