Point still stands; the same “customers” of Vanguard and Fidelity own a huge chunk of both Google and Microsoft.
Vanguard and Fidelity don’t really own that stuff. They’re managing the wealth of customers. The funds they have are almost entirely or entirely owned by customers.
Vanguard and Fidelity make money so long as people hold money in their funds. They win pretty much no matter what. The bubble bursting will mean they make less money, but they can’t really lose money because they don’t own the underlying equities.
lvxferre@mander.xyz 1 week ago
boonhet@sopuli.xyz 1 week ago
Same for BlackRock which I maintain gets a lot more heat than the significantly worse Blackstone. BlackRock manages a bunch of index funds and was renounced by several red states for being too woke (the CEO apparently believes in ESG). Blackstone however buys entire neighbourhoods to jack up rent in an area.
At the end of the day they’re all capitalists and none should exist, but I’m still fairly sure Blackrock has gotten a lot of the heat because the CEO is Jewish.
hobovision@mander.xyz 1 week ago
I think it’s literally because rock and stone occupy the same place in people’s brain so they think they’re the same company.