The committee is ok with an overvalued 
(according to many pundits) company into S&P.
Pundits are the ones who are overvalued.
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They aren’t supposed to consider valuation. It’s supposed to represent economic activity, and cloud based companies are a bigger and bigger portion of the economy.
I realize is the third cow king to be added. ADBE and CRM are already in S&P. Adding to S&P is said to be a curse. After the initial surge, newly added stocks will stagnant for a long time.
I think once you’re in the index, then it’s hard to beat the index. Especially now that most money is invested in index funds.