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So, I just don't think being in the S&P 500 has anything to do with intrinsic value. It might help a company trade at its
intrinsic value, but I'm doubtful about that.

Given that indexing is quasi-passive (S&P does add and subtract from the index thereby "managing" it, but index fund managers do no fundamental research), the trend toward indexing could be argued as a trend away from the reflection of intrinsic value in market prices.

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