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Wrong. Two entities run everything: Blackrock and Vanguard.
by elzbardico 5y ago
Wrong. Two entities run everything: Blackrock and Vanguard.
- cpr 5y agoAnd they're totally interlocked.
- kfrzcode 5y agoWrong. One entity runs everything: Bilderberg.
- LarryTheQuaker 5y agoWhy is this repeated everywhere? They’re just fund managers and most of their “money” is in automated index funds investing retail and institutional investors.
- Enginerrrd 5y agoB/c when the fund managers buy assets to make the index fund to resell to retail investors, they usually get the same voting rights from their ownership as a normal shareholder, and they don't pass that part on to the retail investors, no?
- deleted 5y ago[deleted]
- lr4444lr 5y agoVanguard does. They make recommendations about whom you should vote for, but vote you do.
- quickthrowman 5y agoWrong. If you own VOO you don’t get to vote on the underlying assets.
- deleted 5y ago[deleted]
- bombcar 5y agoThey often actually do, vanguard sends me proxy statements now and then which I deign to ignore.
- deleted 5y ago[deleted]
- deleted 5y ago[deleted]
- quickthrowman 5y agoWrong. If you own VOO or VTI, you don’t get to vote on the underlying assets.
- bombcar 5y agoIf you care about voting don't own the ETFs and instead own the funds directly?
- Enginerrrd 5y ago
- rob_c 5y agoBecause their money is accumulated net wealth that makes the rothschilds sweat...
- usrn 5y agoDid you not watch what happened with Twitter? Musk called them on it and decided to start buying -> told he couldn't join the board if he bought more than BlackRock and Vanguard collectively held and they proceeded to buy more than he had individually after that.
- john_moscow 5y agoThese companies manage ETFs, so instead of purchasing shares from 500 companies tracked in S&P 500 (and paying 500x the commission), you can just purchase X shares of the VOO ETF. On paper, it looks like they own everybody else, but in practice they are just proxies.
- woodruffw 5y agoI think the GP's (heavy-handed) point is that the proxy ownership doesn't extend to voting rights: when you own shares in an ETF, there is no way for you to individually vote based on the underlying constituent stocks. (This is arguably a bad thing for long term economic health, since broad-market ETFs have a dampening effect on otherwise healthy amounts of speculation. But I think it's a far cry from saying that they "control" the market, since it's a mostly passive effect.)