> There is far less competition than it appears And then looking at who owns all the huge companies: Vanguard, Wellington, BlackRock, State Street, Fidelity, e

> There is far less competition than it appears And then looking at who owns all the huge companies: Vanguard, Wellington, BlackRock, State Street, Fidelity, etc. Who owns BlackRock? PNC, Vanguard, State Street, Wellington, Fidelity, etc. Who is this PNC? BlackRock, Vanguard, Fidelity, State Street, Wellington, etc. It's just a big incestuous orgy of pension fund managers pretending to diversify and skimming a little off each trade.