TIVP048: S&P Global (SPGI): The Company behind the Market w/ Daniel Mahncke & Shawn O’Malley
The Intrinsic Value Podcast - The Investor’s Podcast Network
Ratings Cyclicality and Surveillance Revenue
Daniel and Shawn discuss issuance sensitivity to rates and how recurring surveillance fees stabilize revenue.
Daniel and Shawn dive into S&P Global – the data and benchmark giant that is best-known for the S&P 500 index.
IN THIS EPISODE, YOU’LL LEARN:
00:00:00 - Intro
00:03:02 - About S&P’s Rating Business
00:03:56 - What businesses S&P Global operates
00:04:32 - About S&P’s Market Intelligence Business
00:07:54 - About S&P Global’s founding story
00:38:52 - About S&P’s Index Business
00:48:45 - About S&P’s Commodity Insight Business
00:58:10 - About S&P’s Mobility Business
01:03:45 - How S&P thinks about Capital Allocation
01:24:43 - Whether Shawn & Daniel add SPGI to The Intrinsic Value Portfolio
*Disclaimer: Slight timestamp discrepancies may occur due to podcast platform differences.
BOOKS AND RESOURCES
- The Investors Podcast Network is excited to debut a new community known as The Intrinsic Value Community for investors to learn, share ideas, network, and join calls with experts: Sign up for the waitlist(!)
- Sign up for The Intrinsic Value Newsletter to track our Portfolio.
- Barron’s Interview with Former SPGI CEO Doug Peterson.
- S&P Global Investor Day Presentation 2025.
- TIVP Episode on MSCI.
- Explore our previous Intrinsic Value breakdowns: Paypal, Uber, Nike, Reddit, Amazon, Airbnb, TSMC, Alphabet, Ulta, LVMH, and Madison Square Garden Sports.
- Related books mentioned in the podcast.
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