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Capital Productivity

The Dao of Capital: Top 50 S&P 500 Scorecard

A two-factor ROIC and Faustmann-ratio scorecard of the top 50 S&P 500 issuers, after Mark Spitznagel's The Dao of Capital.

Capital Productivity
The Dao of Capital: Top 50 S&P 500 Scorecard
Meta leads the expanded universe by pairing strong operating-capital productivity with a comparatively low Faustmann ratio. A high ROIC alone is not enough: the book's second screen demands a low price relative to operating net worth.
Methodology: Noble Growth interpretation of Mark Spitznagel's two-factor “Siegfried” screen. Filing inputs: SEC company facts, latest fiscal year available. Universe: top 50 unique S&P 500 issuers by SPY weight on September 1 2026; Alphabet share classes consolidated. Banks and financial conglomerates are retained but unscored because the book excludes them. Educational analysis, not investment advice.

Method and sources

Methodology: Noble Growth interpretation of Mark Spitznagel's two-factor “Siegfried” screen. Filing inputs: SEC company facts, latest fiscal year available. Universe: top 50 unique S&P 500 issuers by SPY weight on September 1 2026; Alphabet share classes consolidated. Banks and financial conglomerates are retained but unscored because the book excludes them. Educational analysis, not investment advice.

Values are published in /index/data.js. Curated series are updated by hand when the source publishes.

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