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Matt Levine’s Money Stuff: Putting the Meme Stocks in the Index

Sept. 1, 2021, 5:00 PM

Programming note:
Money Stuff will be off for a few days, back next Wednesday, Sept. 8.

GameStop and the S&P

Every so often a weird stock goes up a lot, and it becomes so valuable that it qualifies for the S&P 500, the main index of U.S. large-cap stocks, and then people write articles that are like “oh no all the index funds are being forced to buy this weird stock at a huge valuation that makes no sense.” This does not bother me very much: The whole point of an index fund is that you buy all the stocks at ...

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