Some interesting facts from the paper: -Over the last decade, more than 80% of all assets flowing into investment funds has gone to the Big 3pic.twitter.com/LFzmLqXYgw
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Really interesting academic paper from 2 researchers out of @Harvard and Boston University on the dominance of the "Big Three" asset managers $BLK $STT and Vanguard:
https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3385501 …pic.twitter.com/nIbGOK6eBM
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The average combined stake in S&P 500 companies held by the Big Three essentially quadrupled over the past two decades, from 5.2% in 1998 to 20.5% in 2017pic.twitter.com/aPzfzZDDUb
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$BLK and Vanguard now hold positions of 5% or more of the shares of almost all of the companies in the S&P 500$SPYpic.twitter.com/sDtXzxhBo4Show this thread -
Paper goes on to explain why the Big Three are expected to stay that way: -economies of scale keeping ETF expense ratios low -better liquidity in high-AUM funds relative to smaller players -ability to replicate successful investment products to defend share
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