Discussion about this post

User's avatar
Tom Aldrich's avatar

I realize this will be an oversimplification, but if Blackrock (i) owns everything, (ii) cannot exit and (iii) expects the governments of the world to de-risk . . . the world, this sounds more like some kind of mirror-world communism than capitalism, with the dictatorship of the proletariat replaced by the dictatorship of Larry Fink. Coming at it from another angle, if someone owns approximately everything, and will go on owning it approximately forever, why should anyone be paying them anything more than a nominal record-keeping fee? As I said, oversimplified, but what a world we live in.

Expand full comment
Craig Healy's avatar

I've been trying to figure out how the asset managers became market consolidators. It's legitimately bothered me. Thanks Adam. I subscribed immediately after following the cast of characters you introduced me to in your analysis.

Expand full comment
10 more comments...

No posts