On the bright side, at least its latest
This hasn't been enough to persuade the eight-member S&P committee that decides on the index's membership. S&P doesn't discuss the reasons why companies are chosen for the index and others aren't, said David Blitzer, the committee's head, in an interview. It usually makes its decisions unanimously, though it isn't required to. "Pitched arguments are pretty rare," he said. S&P looks at factors such as the company's profitability and how often its shares turn over in a year. Price appreciation alone isn't enough. Shares of Warren Buffett's Berkshire Hathaway ( BRK.A), which fetch more than $82,000 apiece and have risen 11-fold in 15 years, aren't in the index either. At least half the shares of the company also have to be in a public float. About 37% of Google's shares are held by insiders, compared with 14% at Microsoft ( MSFT), 11% at Yahoo! ( YHOO) and 9.9% at Dell ( DELL), according to Computershare calculations posted on the Yahoo! Finance site. All three of those tech heavyweights are in the index. But even after Friday's snub, all hope isn't lost. "It would seem to be inevitable that in the next two or three months when the committee meets, that they would find a way to squeeze Google in," says Larry Haverty, associate portfolio manager at the $220 million Gabelli Global Multimedia Trust, which owns a position in Google, in an interview.