Tesla is joining the S&P, and maybe we should worry

Bloomberg Opinion Today

When Tesla Joins the S&P 500, You Know It's Game Over — David Fickling

In an anecdote often attributed to President John F. Kennedy's father, the moment he knew to get out of the 1920s stock market boom was when he started receiving share tips from his shoeshine boy. 

You can make a similar argument about the moment that leading equity indexes finally give their blessing to an up-and-coming stock. The latest and most dramatic instance of that will happen next month, when the S&P 500 will admit Tesla Inc. through its club doors for the first time.

Take Yahoo Inc. The archetypal dot-com business found its way into America's prime share index in December 1999, just four months before a collapse in internet stocks that took the U.S. more than a decade to recover from. New admissions in the mid-2000s were rich with real estate plays such as CBRE Group Inc., Boston Properties Inc. and Kimco Realty Corp. Those companies were then hammered by the subprime and 2008 financial crises. Is this time really going to be any different?

Read the whole thing.

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