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S&P Global Inc (NYSE:SPGI) stock deep dive with Magellan's Ryan Joyce
Description
In this Australian Investors Podcast episode, host Owen Rask is joined by Ryan Joyce, Deputy Portfolio Manager at Magellan Investment Partners, for a deep dive into S&P Global Inc (NYSE: SPGI).
S&P Global is one of those companies investors interact with constantly, often without realising it. If you follow the S&P 500, compare an Australian fund to the S&P/ASX 200, look at a company’s credit rating, use financial data through S&P Global Market Intelligence, or rely on commodity pricing benchmarks, you have probably touched part of S&P Global’s ecosystem.
Ryan describes S&P Global as a collection of data, ratings, index and benchmark businesses. But the big idea of this episode is simpler: S&P Global is one of the most embedded businesses in global financial markets.
As Ryan puts it:
“I really think of it as a benchmark business, particularly for the crown jewels in it.”
In this episode, Owen and Ryan explore:
- How S&P Global actually makes money
- Why credit ratings and index benchmarks are so hard to disrupt
- How S&P Global compares to Moody’s, MSCI, Fitch, Bloomberg and FactSet
- Whether AI is a threat or opportunity for S&P Global Market Intelligence
- Why SPGI’s valuation became attractive to Magellan
- How S&P Global fits inside the Magellan Global Opportunities Fund
- Why private markets may be an opportunity, not an existential threat
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