The 100 Year Thinkers: Long-Term Compounding in a Short-Term World The 100 Year Thinkers | Chris Mayer and Robert Hagstrom on Finding the Next Great Compounders
12 snips
Oct 13, 2025 
Chris Mayer, an investor and founder of Woodlock House Family Capital, alongside Robert Hagstrom, Chief Investment Officer at Equity Compass, dive into the complexities of long-term investing. They discuss the dominance of mega-cap stocks and the challenges of active management. Mayer emphasizes the importance of economic fundamentals over fleeting stock prices, while Hagstrom critiques the underpinnings of the S&P 500. Together, they provide insights on how today’s tech giants differ from the 1999 bubble and how to navigate private equity's evolving landscape.
AI Snips
Chapters
Books
Transcript
Episode notes
Mega-Cap Dominance Isn’t A Guarantee
- The largest mega-cap stocks dominate returns because their economics outperform the rest of the market.
- Historical tops often underperform afterward, so size today doesn't guarantee future hundred-baggers.
Economics Explain Index Concentration
- Concentrated, low-turnover high active-share strategies can outperform if they focus on economics first.
- The S&P's cap-weighting makes its outperformance controversial, but it reflects where earnings actually concentrated.
Choose The Right Benchmark For Skill
- Use equal-weight comparisons if you want to fairly measure stock-picking skill against the full opportunity set.
- Avoid judging managers solely by cap-weighted S&P results when they can choose any of the 500 stocks.
