ThimbleberryU 161 - What Do Giant IPOs Like SpaceX

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Welcome back to Thimbleberry U.

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S… Speaker 1 (ThimbleberryU 161 - What Do Giant IPOs Like SpaceX)

I am John Jagay.

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I'm joined as always by Amy Walls from Thimbleberry Financial.

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S… Speaker 1 (ThimbleberryU 161 - What Do Giant IPOs Like SpaceX)

Good morning,

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S… Speaker 1 (ThimbleberryU 161 - What Do Giant IPOs Like SpaceX)

Amy.

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Good morning,

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Jag.

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Okay, so we're recording this on June 11th.

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And as we record,

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the SpaceX is headed toward one of the largest IPOs in history.

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You've probably seen the headlines.

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And like most people,

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you probably have some of the same questions.

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I know you're fielding some of these from your clients as well,

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Amy. How does this actually affect my portfolio,

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including the index funds in it?

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Am I missing out on something?

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Am I exposed to something I don't fully understand?

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Today,

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we're going to answer that.

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And a quick note before we dig in.

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This is education.

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It's not a recommendation to buy or sell anything.

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Your own situation is its own conversation,

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as we've said many times in this podcast.

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Amy,

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let's start with the assumption underneath all of the questions we just ran through.

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Most people figure an index fund just owns the biggest companies.

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Is that true?

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Well,

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it is the most natural assumption,

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and it's not quite right.

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So,

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no, it's not true.

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An index fund by its nature follows rules.

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So what I mean by that is if you get into something like the S &P 500,

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S &P 500 index fund,

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a company has to meet profitability standards

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to have enough shares trading publicly and usually be public for

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a period of time first.

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So a company like SpaceX can be enormous.

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You know,

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SpaceX could rank among the largest companies in existence.

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And still not show up in your index funds right away.

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I think one of the things that happens here is

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not audibly,

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but mentally index sounds to us like everything.

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Yeah.

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And it isn't.

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It's whatever the rules allow at the time they

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allow it.

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Okay.

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So if my index fund might not even own it,

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does it actually matter for me or is this just trivia?

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Well,

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don't take it to the neighborhood pub,

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although that it's kind of what it is for a pub trivia night.

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For most of our listeners,

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it matters far less than the worry suggests it does.

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One company being absent now or added

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later is a small slice of a diversified

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portfolio.

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So it rarely changes whether you reach your goals.

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The bigger risk usually isn't the

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index mechanics.

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It's what the fear of missing out tempts you to do about it.

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You know,

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behavioral finance.

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Yep.

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Chasing a single hot stock to close a perceived gap,

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perceived being kind of our keyword there,

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is the move that actually changes your outcome and not

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usually in a good direction.

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Right, yeah.

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So to answer your question more directly,

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am I missing out is not

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really in a way that should likely change your plans.

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S… Speaker 1 (ThimbleberryU 161 - What Do Giant IPOs Like SpaceX)

Yeah, we've talked about behavioral finance so many times in this podcast that catching

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a headline or getting emotional about it,

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you get away from that well -conceived,

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thought -out plan.

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That's where you get into trouble.

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Absolutely.

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Okay,

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so where does this actually show up in a real account somebody's looking at?

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Well...

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Anywhere you hold a broad index fund,

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that could be in a taxable brokerage account.

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There's some tax efficiency with index funds.

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Might be in your 401k because there aren't a lot of investment

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options.

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And so you've got some index funds available there.

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Maybe you're holding index funds in an IRA.

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The bottom line is if you're using index

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funds to capture broad market exposure.

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that's where this matters.

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I said it previously and it's worth saying again that the inclusion rules

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on an index fund quietly shape what you actually

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own in all of those funds.

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Okay.

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And so this assumption that,

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quote, I'm in an index so I own everything really truly

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needs to be examined.

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You own whatever the fund's rules include at

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the time they include it.

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Okay.

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It's not a flaw.

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It's just different than what many

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people kind of assume about the index

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funds.

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It's how the mechanics of an index fund work,

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good, bad,

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or indifferent.

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But it is worth knowing for trivia night,

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but also because it changes how you

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read and interpret and make assumptions about your own

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holdings.

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So, Amy,

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index funds that we're talking about here are passive.

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A lot of people hold passive funds,

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but I'm not sure everyone could define what that means,

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including me.

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What's the actual distinction?

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The distinction is about how the fund is

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managed, not about whether decisions...

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were made.

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So an active fund has a manager making ongoing judgment

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calls, selecting individual securities,

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deciding when to buy and sell.

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They're ultimately trying to outperform the market.

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A passive fund,

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like an index fund,

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tracks an index mechanically.

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And just that right there implies,

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well, if SpaceX is added into this index,

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it's going to be part of my index fund.

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It doesn't have a manager exercising judgment on individual

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stocks.

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It's just following the rules of the index.

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And so that's why if it's saying a

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fund has to be public for so long and fit

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this criteria for so long before it fits in,

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why something like SpaceX might be excluded for a period

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of time.

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Okay.

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So ultimately,

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Jag, passive means there's no active stock picking happening.

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But it doesn't mean that the index itself is neutral or arbitrary.

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Someone did design the rules that determined what gets in,

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what gets excluded,

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and when.

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And those rules were deliberate.

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And obviously,

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they shape what you own.

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Okay,

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so the genesis of today's conversation was SpaceX and this upcoming IPO.

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I have to ask,

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is this SpaceX situation a one -time thing,

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or could this be a pattern we're going to keep seeing,

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in your opinion?

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It's a pattern.

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Large private companies have been staying private longer and going

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public later,

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and they're much larger.

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That means that the gap in time between this

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company is enormous and it's in my index fund.

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can be there for quite a long time.

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Yeah.

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And those same questions,

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these same questions we're talking about that,

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you know, in the intro you were talking about,

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they're going to surface every time one of these large companies lists.

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There is a lesson to carry forward though.

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How your investments are built matters as much as which ones you own.

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Okay.

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So whether you're choosing passive investments or active investments,

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How that portfolio is built and why it was built for your situation

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is really important.

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And if you understand that once,

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you don't have to relearn this every time we have one of these companies list.

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That is a really good point.

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So to wrap up,

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Amy, for someone listening right now,

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what's the actual move?

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You know,

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I'm going back to let's reduce our cognitive load.

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The main move is what not to do.

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Okay.

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You don't reshuffle your plan because of the headline.

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What's worth doing is understanding

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what you actually do own,

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what your funds hold by design,

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and not by accident.

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And if you do want to know whether you have

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Whether your index exposure reflects what you intend,

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that's a good conversation to have with your advisor or if you're a

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do -it -yourselfer to do research on.

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But not to either assume it doesn't

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and go out and buy a lot of this or assume it does when you

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really feel strongly you want to own some of it.

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But what I'm really getting at here is a calm check based

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on facts.

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And instead of reacting to the news,

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which is usually the costly move,

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but it's the one that looks like something.

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Yeah.

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And the other one looks like doing nothing.

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As an investor,

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keeping an eye on how the market plumbing shifts is your advisor's

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job with you checking in to have

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S… Speaker 2 (ThimbleberryU 161 - What Do Giant IPOs Like SpaceX)

information to understand it.

8:46

S… Speaker 1 (ThimbleberryU 161 - What Do Giant IPOs Like SpaceX)

I've used this analogy before,

8:48

S… Speaker 1 (ThimbleberryU 161 - What Do Giant IPOs Like SpaceX)

but if you have a sore knee like I do at the moment,

8:51

S… Speaker 1 (ThimbleberryU 161 - What Do Giant IPOs Like SpaceX)

you ask the knee specialist about it.

8:53

S… Speaker 1 (ThimbleberryU 161 - What Do Giant IPOs Like SpaceX)

You don't just try to fix it yourself or catch the

8:57

S… Speaker 1 (ThimbleberryU 161 - What Do Giant IPOs Like SpaceX)

latest headline of,

8:58

S… Speaker 1 (ThimbleberryU 161 - What Do Giant IPOs Like SpaceX)

this is what to do from your newsfeed on social media if you have a sore knee.

9:02

S… Speaker 1 (ThimbleberryU 161 - What Do Giant IPOs Like SpaceX)

Talk to the professional and know that you can't just react

9:06

S… Speaker 1 (ThimbleberryU 161 - What Do Giant IPOs Like SpaceX)

to these things.

9:07

S… Speaker 1 (ThimbleberryU 161 - What Do Giant IPOs Like SpaceX)

It is so critically important to just keep the plan,

9:11

S… Speaker 1 (ThimbleberryU 161 - What Do Giant IPOs Like SpaceX)

and if you have a question,

9:12

S… Speaker 1 (ThimbleberryU 161 - What Do Giant IPOs Like SpaceX)

talk to a trusted advisor.

9:14

S… Speaker 2 (ThimbleberryU 161 - What Do Giant IPOs Like SpaceX)

Absolutely.

9:15

S… Speaker 2 (ThimbleberryU 161 - What Do Giant IPOs Like SpaceX)

We don't know what we don't know.

9:17

S… Speaker 1 (ThimbleberryU 161 - What Do Giant IPOs Like SpaceX)

Yeah.

9:17

S… Speaker 1 (ThimbleberryU 161 - What Do Giant IPOs Like SpaceX)

Well,

9:18

S… Speaker 1 (ThimbleberryU 161 - What Do Giant IPOs Like SpaceX)

Amy, if somebody listening has questions about this topic or really anything related to personal

9:23

S… Speaker 1 (ThimbleberryU 161 - What Do Giant IPOs Like SpaceX)

finance and financial planning,

9:24

S… Speaker 1 (ThimbleberryU 161 - What Do Giant IPOs Like SpaceX)

what are the best ways to reach you at Thimbleberry?

9:26

S… Speaker 2 (ThimbleberryU 161 - What Do Giant IPOs Like SpaceX)

Yeah,

9:26

S… Speaker 2 (ThimbleberryU 161 - What Do Giant IPOs Like SpaceX)

they can reach us online at thimbleberryfinancial .com or

9:30

S… Speaker 2 (ThimbleberryU 161 - What Do Giant IPOs Like SpaceX)

by giving us a call at 503 -610 -6510.

9:36

S… Speaker 1 (ThimbleberryU 161 - What Do Giant IPOs Like SpaceX)

Great stuff.

9:36

S… Speaker 1 (ThimbleberryU 161 - What Do Giant IPOs Like SpaceX)

We'll talk again soon.

9:37

S… Speaker 2 (ThimbleberryU 161 - What Do Giant IPOs Like SpaceX)

Sounds good, Jag.

9:38

S… Speaker 2 (ThimbleberryU 161 - What Do Giant IPOs Like SpaceX)

Look forward to it.

9:39

S… Speaker 1 (ThimbleberryU 161 - What Do Giant IPOs Like SpaceX)

Securities offered through registered representatives of Cambridge Investment Research,

9:42

S… Speaker 1 (ThimbleberryU 161 - What Do Giant IPOs Like SpaceX)

Inc., a broker -dealer,

9:43

S… Speaker 1 (ThimbleberryU 161 - What Do Giant IPOs Like SpaceX)

member FINRA SIPC.

9:45

S… Speaker 1 (ThimbleberryU 161 - What Do Giant IPOs Like SpaceX)

Advisory services through Cambridge Investment Research Advisors,

9:47

S… Speaker 1 (ThimbleberryU 161 - What Do Giant IPOs Like SpaceX)

Inc., a registered investment advisor.

9:49

S… Speaker 1 (ThimbleberryU 161 - What Do Giant IPOs Like SpaceX)

Cambridge and Thimbleberry Financial are not affiliated.

9:51

S… Speaker 1 (ThimbleberryU 161 - What Do Giant IPOs Like SpaceX)

Discussions in this show should not be construed as specific recommendations or investment advice.

9:55

S… Speaker 1 (ThimbleberryU 161 - What Do Giant IPOs Like SpaceX)

Always consult with your investment professional before making important investment decisions.

9:58

S… Speaker 1 (ThimbleberryU 161 - What Do Giant IPOs Like SpaceX)

Securities offered through registered representatives of Cambridge Investment Research,

10:02

S… Speaker 1 (ThimbleberryU 161 - What Do Giant IPOs Like SpaceX)

Inc., a broker -dealer,

10:03

S… Speaker 1 (ThimbleberryU 161 - What Do Giant IPOs Like SpaceX)

member FINRA SIPC.

10:04

S… Speaker 1 (ThimbleberryU 161 - What Do Giant IPOs Like SpaceX)

Advisory services through Cambridge Investment Research Advisors,

10:07

S… Speaker 1 (ThimbleberryU 161 - What Do Giant IPOs Like SpaceX)

Inc., a registered investment advisor.

10:08

S… Speaker 1 (ThimbleberryU 161 - What Do Giant IPOs Like SpaceX)

Cambridge and Thibbleberry Financial are not affiliated.

ThimbleberryU 161 - What Do Giant IPOs Like SpaceX

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