"S&P 500's dominance is fading"... How tokenization will change capital markets

Macroeconomic analyst Jordi Visser argued in a Nov. 5 interview with Natalie Brunell that the era of S&P 500 dominance is nearing its end, with tokenization set to accelerate a broader shift away from public equity markets. Visser said fast-growing private companies increasingly have less need to tap public markets for funding, since they can raise capital internally, while tokenization could boost liquidity for assets that have historically been hard to trade. The thesis matters because it implies listed companies as a whole face structural change, not just the index, potentially reshaping how capital is raised and traded. What to watch next is whether tokenized asset volumes and private-market fundraising continue to erode the incentive for companies to list.