S&P 500 is a Market-Cap Weighted Index

It's that time of year, when pundits look back at the last 12 months and try to say something meaningful.

It's striking how the vast majority of those pundits say something like "2025 was a great year in the stock market; the S&P 500 is up 17 % this year".

Here's CNBC: S&P 500 slides, but gets set to close out 2025 with 17% gain; here's the BBC: US stock market ends 2025 on a high note after volatile year.

Deep down in the fine print, they'll mumble something about market-cap weighting and large cap stocks, of course.

It's really striking to see the details though, for this year has been very startlingly the year of winners and losers.

Let's just look at the top 10 holdings of the SP 500 in January and today, and see how they went. It's a simple table: where were they at the start of 2025, where are they now, and what was the year like for them?

So, if you owned the entire index this year, you indeed saw a 17% gain.

If you were a holder of just, say, Google or Broadcom or nVidia, you saw a 55% gain this year!

If you were a holder of Apple or Microsoft or Tesla or Berkshire Hathaway, you saw a gain of something from 7% to 17%.

But if you were a holder of Amazon or Meta, you actually saw a 2 or 3 percent loss this year.

Remember, these are very big companies. Amazon's market capitalization is 2.5 trillion dollars.

This year, there were winners and losers.

NIL and the LU Oaklanders

I routinely go for bicycle rides that take me past the old Oakland Raiders headquarters, which is about 1.5 miles from my house.

I had noticed, over the years, several other organizations which were using that facility for various purposes, including: a local youth soccer league, the Oakland Roots semi-pro soccer team, etc.

TIL that there is another occasional tenant, the Lincoln University Oaklanders.

Even after nearly 40 years living in the Oakland area, I had no idea that Lincoln University existed. Even though my daughter's office is only one block away from Lincoln. My bad.

But why does Lincoln University have a football team?

Wikipedia observes

Lincoln University is a private university in Oakland, California, United States. It enrolls more than 500 students in undergraduate- and graduate-level programs in business administration as well as an English-language program, certificate programs, and bachelor of science programs.

Not really the sort of institution you'd expect to find fielding a college football program.

The Chronicle's SFGate writers attempt to explain what's going on: For Calif.'s worst college football team, a 0-287 slump is the tip of a scandal:

Results against Lincoln count just as much as wins and losses against any blue-blood program. Thanks to the university’s accreditation with the Western Association of Schools and Colleges Senior College and University Commission, known as WSCUC, which is up for review in February 2026, the Oaks qualify as a “countable opponent” for NCAA teams.

Even without standard governing structures in place, Lincoln has no problem filling out a schedule. As the old coaching adage goes: The best ability is availability. Lincoln is more than happy to occupy a blank space on a schedule for teams across the country.

And really, that's all you need to know, if you've been paying enough attention to the world to know what NIL is, and why the CFTC is now in charge of sports gambling for college sports.

It's a weird world we live in. But, at least now I know who the newest tenant at the old Raiders facility is.

Baldur's Gate 3 is amazing!

Of course, you already knew that BG3 is amazing. Everybody knew it. Even I knew it.

But somehow I had waited 2 years to actually install it on my computer.

Happily, I have now fixed that problem.

And so all I need is some time...