Bogle, the founder of Vanguard, wrote an article for the Wall Street Journal shortly before his death in January 2019 in which he warned:
"Most observers expect that the share of corporate ownership by index funds will continue to grow over the next decade. It seems only a matter of time until index mutual funds cross the 50% mark. If that were to happen, the "Big Three" might own 30% or more of the U.S. stock market — effective control. I do not believe that such concentration would serve the national interest."By November 2020, the "Big Three" managed US$15 trillion in combined assets, equivalent to more than three-quarters the size of the US economy and combined, they were the largest owner in 88% of the S&P 500 companies. By January 2021, the "Big Three" had almost US$18 trillion in assets under management.
Being the largest owner of a publicly traded company doesn't mean that you can do whatever you want, but it does give you enormous power.














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