2009 Passive Investors Shareholders 
Blackstone
NOVEMBER 16, 2023
From March 2009 when the S&P 500 traded at 13x earnings to August 2020 when it peaked at 23x, a passive investor in the market earned 16% per annum. 8 Breaking down the total returns by source from December 2009 to December 2020 shows that 44% of the index’s average total return was from multiple expansion.
This is going to be BIG.
NOVEMBER 15, 2020
No matter how bad things got, it didn’t seem to occur to anyone, not even to that one pair of outspoken investors, that perhaps the CEO should get tossed—or at least they weren’t willing to say it. I continue to emphasize that as an investor today. Not in the “founder friendly” culture of tech anyway. Travis should hire her back??
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