4 ms·
> Uber does not own cars. Unlike, say, the NYSE, which owns all the equities that are traded there?
by cbsmith 3y ago
> Uber does not own cars.
Unlike, say, the NYSE, which owns all the equities that are traded there?
- 1vuio0pswjnm7 3y agoIn the interview, he actually says BlackRock, State Street and Vanguard own "90% of the stock market". NB. There are all his statements, not mine!
- hbt 3y agoaren't they the largest shareholders in 90% of companies but actually own maybe 20% of the total stock market? i don't recall the latest number but it should be around that
- throwaway5959 3y agoAnd they don’t even really own them. They’re just buying them on behalf of investors. That doesn’t sell books though or rile people up.
- hbt 3y agoYes, there are authors pushing a narrative. But, let's not pretend these institutions are powerless. They often get a board seat; although, some give up their proxy vote and they are pushing an agenda with their ESG score. Unsure how much of it is just optics.
- cbsmith 3y agoThat's a serious exaggeration. Their combined portfolios are maybe $20 trillion. The S&P 500's market cap alone is $40 trillion. They've got huge asset portfolios, yes, but the market is just so much larger.