Rethinking stock benchmarks as tech-heavy Nasdaq outpaces S&P 500, Dow


A trader at the New York Stock Exchange (NYSE) at Wall Street in New York City.

JOHANNES EISELE | AFP via Getty Images

A few weeks ago, two things happened which made me wonder whether we, meaning the management of the investment firm I co-founded, are deluding ourselves in continuing to compare our performance to the S&P 500 index.  Honestly, we have never considered any other benchmark, as the S&P has represented, to us and our investors, a diversified portrait of the U.S. economy.  However, perhaps we needed to rethink that premise.  

First, several friends asked me if they should buy the same stock, Tesla. To call Tesla a strong performer is an understatement (It’s up 377% this…


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