Why is the S&P 500 considered "The Market"?

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To my knowledge, it's just because it's long-established and popular index.

The S&P 500 is a poor index to benchmark against.

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i was under the impression the S&P 500 was a selection of 500 (or so) companies that represent all major sectors of the market. they are the main representatives for each and addition to the index represents an acknowledgement of mkt cap size and success in that industry.

i think it is a fine benchmark. why would you disagree??? specifically, what would you benchmark against otherwise?? i think hedge funds (like global macro) shoudl be benchmarked against risk free cash, but equity managers should be benchmarked against the S&P500. what would you suggest if not that?

thanks,
Barron