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to branch off of what @AlanMCole is saying, I've bumped into a huge number of people who are pattern matching Black Rock etc to other narratives...none of which actually applies.
One is "these billionaires are doing this", but ... the funds are mostly PENSION funds, so >
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2/ the money that's buying up these houses is coming from middle class teachers, cops, fire fighters, bus drivers, etc. Another complaint is "these firms are too big to fail" and therefore will get bailed out by gov, so they can win on the upside, but don't suffer downside
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3/ and that's a real concern, and I hate crony capitalism as much as anyone, and I've spoken out time and again against it (e.g. immunizing the airlines from lawsuits re lax security for 9/11, 2008 bail outs, etc.), BUT ... we don't tend to bail out individual investors
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4/ (for better or worse), so if Fidelity has a $10B inflow from individual investors and creates an S&P500 index fund, and that fund declines in value, USG will not bail out Fidelity (which suffered no losses on its own balance sheet) nor individuals, and likewise >
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5/ if Black Rock has a $10B inflow from individual investors / pension funds, and creates a REIT / real estate investment fund, and that fund declines in value, USG will likely not bail anyone out.
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I agree with "I hate government picking winners". I bet that Black Rock will not be bailed out if house prices go down.
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