What investors are saying about S&P Global (SPGI)

Summary

In the past 30 days, 3 people on 1 investor and market show discussed S&P Global (SPGI) in 8 views. Going by each speaker's latest call, 2 are bullish and 1 is bearish. Chorus has followed S&P Global since November 1, 2026.

Who talks about it most

• Stig Brodersen · 5
• Hari Ramachandra · 2
• Tobias Carlisle · 1

The latest views

Newest first. Every quote is checked against the episode's transcript.

• Stig Brodersen · The Investor's Podcast NetworkBullish

  S&P's ratings business is a protected oligopoly with no real substitutes, so the moat is wide.

  Ratings are about half of S&P Global's operating income. Brodersen estimates S&P at about 45% share of the ratings market, Moody's about 40%, and Fitch a distant third. Unlike substitute products, ratings complement each other: a bond issuer needs both an S&P and a Moody's rating. Regulation mandates ratings from the major agencies for many issuers, and lacking one raises borrowing costs through adverse selection. Ratings also earn recurring surveillance fees as they are updated. He says he sees no major risks in the ratings and index businesses, and his main worry is overpaying for such a high-quality, stable business. He took a 1% position at about $399 just before recording.

  “If you don't buy Boeing, you're probably buying Airbus. That's not how the ratings business work. They complement each other.”at 33:10

  We Study Billionaires: TIP857: S&P Global, Novo, Deckers Brands w/ Stig Brodersen, Tobias Carlisle, & Hari Ramachandra · November 1, 2026

• Stig Brodersen · The Investor's Podcast NetworkBullish

  S&P's index business is a high-margin, high-profit segment, even with tiny per-dollar fees.

  Indices are about 10% of S&P Global's revenue but about 20% of operating profit, with segment margins near 69%. Pricing is tiered by scale, so Vanguard pays less than smaller users. Brodersen estimates the largest providers pay under one basis point, probably around half a basis point. Because the fees apply to trillions of dollars in tracked assets, they still add up to a significant profit stream.

  “Then another business segment they have are the indices. It's only 10% of revenue, but it's 20% of their operating profit.”at 34:21

  We Study Billionaires: TIP857: S&P Global, Novo, Deckers Brands w/ Stig Brodersen, Tobias Carlisle, & Hari Ramachandra · November 1, 2026

• Stig Brodersen · The Investor's Podcast NetworkBullish

  S&P Global depends on continued debt growth; bigger risk is debt creation stopping, not rate rises.

  Stig argues the bigger risk to S&P Global is not a sharp rise in interest rates but debt growth stopping. In a fiat-currency system he sees debt creation as a secular trend that won't suddenly stop. If debt stops growing, S&P would be in trouble across both ratings and indices. He says that if you truly believe less debt creation is coming, don't buy S&P Global. He is bullish on the thesis that debt keeps growing. He also says private credit could erode a small part of the business, but the largest issuers still go to public markets, so the threat is limited.

  “I think the way I would probably more looking at this is if debt stops growing, then S and P is in a world of trouble, not just with ratings but also with indices.”at 37:38

  We Study Billionaires: TIP857: S&P Global, Novo, Deckers Brands w/ Stig Brodersen, Tobias Carlisle, & Hari Ramachandra · November 1, 2026

• Tobias Carlisle · Acquirers Funds / The Acquirers PodcastBullish

  S&P Global is one of the world's great businesses; five flat years reflect price, not business quality.

  Tobias calls S&P Global one of the world's great companies. It has high, incremental returns on invested capital, strong moats, and a more than 100-year history. The stock has gone sideways for five years because of its price, not because of the business. He thinks it is a good bet that the world will keep issuing debt, which is what makes the thesis work. He wants to know where the valuation and returns look from here.

  “The stock chart going sideways for five years isn't anything to do with the quality of the business, it's wholly to do with the price.”at 40:16

  We Study Billionaires: TIP857: S&P Global, Novo, Deckers Brands w/ Stig Brodersen, Tobias Carlisle, & Hari Ramachandra · November 1, 2026

• Stig Brodersen · The Investor's Podcast NetworkBullish

  S&P Global looks undervalued: 10-15% annual returns, intrinsic value $450-500, stock doubling in five years.

  Stig's pick is S&P Global, and he expects 10-15% annual returns. The stock has gone sideways for about five years even though the cash generation is strong. Earnings have grown and the P/E has fallen from about 40 in 2021 to about 23. He models intrinsic value at roughly $450-500 and says he could see the stock double over five years, which would give about 15% a year. He sees downside protection on the lower end. He bought a 1% starter position below $400. He expects shareholder returns from buybacks, though he thinks the buyback pace should be modelled at about 2% a year because some of the current yield is debt-funded. He also likes the mobility spin-off and the possible Capital IQ spin-off as signs of shareholder-friendly management.

  “I'd probably say anywhere between 10% to 15%. ... Whenever I try to model the intrinsic value, I'm probably around $450 to $500 if you put me on a spot.”at 43:53

  We Study Billionaires: TIP857: S&P Global, Novo, Deckers Brands w/ Stig Brodersen, Tobias Carlisle, & Hari Ramachandra · November 1, 2026

• Hari Ramachandra · SalesforceBullish

  S&P Global's credit ratings business is robust and safe; the moat is structural.

  Hari calls the ratings business the safe part of S&P Global. He compares it to Buffett's comment that people would not chew anything other than Wrigley's gum. Anyone who wants to get debt or equity rated goes to S&P or Moody's, because otherwise investors would not trust or accept the rating. He sees the ratings extension into credit risk workflows as the least worrying segment. He says he is still buying the company at a P/E he would have paid before, so the business is a great franchise.

  “Anybody who wants to get their debt or equity rated, would go to S and P or Moody's. Otherwise, nobody would trust them or many wouldn't even accept.”at 47:48

  We Study Billionaires: TIP857: S&P Global, Novo, Deckers Brands w/ Stig Brodersen, Tobias Carlisle, & Hari Ramachandra · November 1, 2026

• Hari Ramachandra · SalesforceBearish

  S&P Global's market intelligence faces AI-driven share loss and seat reduction; the market is discounting it heavily.

  Hari says the market intelligence segment generates about $5B in revenue, roughly as much as the ratings business. The P/E has fallen to about 23 from about 39-40. Removing about 80% of market intelligence revenue from the earnings base would leave a P/E of about 38-39, so he thinks the market is discounting this segment heavily. Two reasons: the desktop terminal is under attack from fast-growing startups. Alphasense hit about $600M in revenue and Rogo has about $50M ARR, and both are funded by S&P's own customers such as JPMorgan, Goldman Sachs and Wells Fargo. AI is also moving users from terminals to insights, so firms may need fewer analysts and fewer seats. He says he is not getting a bargain on the segment and his expected returns are the same as if he had bought at 38-39 because of the headwind.

  “you will no longer need that many analysts so that number of seats might reduce.”at 49:46

  We Study Billionaires: TIP857: S&P Global, Novo, Deckers Brands w/ Stig Brodersen, Tobias Carlisle, & Hari Ramachandra · November 1, 2026

• Stig Brodersen · The Investor's Podcast NetworkBullish

  AI is not a near-term cliff for S&P Global's market intelligence; growth flat to mid-single digits.

  Stig says the market is right to worry about AI disruption, since the market may see S&P as a data company and market intelligence is about 6-8% of market cap. He thinks it is unlikely to be the most severe risk, and he is not too worried right now about AI tools like Claude disrupting it. Customers need fast, reliable, proprietary data, and about 88% of market intelligence data is proprietary. Switching is hard because teams are trained on existing platforms and the people who use the tools often don't pay for them. He concedes the segment is commoditised and under pricing pressure, and that competitors are ripe for disruption. He still thinks the business is mostly subscription revenue. He would underwrite flat growth for the segment, and pricing pressure is not material to the business.

  “I'm not too worried at least right now whenever it comes to Claude coming in and disrupting them.”at 51:28

  We Study Billionaires: TIP857: S&P Global, Novo, Deckers Brands w/ Stig Brodersen, Tobias Carlisle, & Hari Ramachandra · November 1, 2026