How big index fund and ETF providers have increased their sway over publicly-traded companies while potentially discouraging competition. What can be done about it? Topics covered include: How market share for assets under management has become increasingly concentrated with big fund complexes like Vanguard and BlackRockWhat is a fiduciary relationship and how do asset managers serve as fiduciariesWhy do investors in index funds and ETFs have no input as to how fund sponsors vote on shareholder proposalsWhat percentage of outstanding shares do Vanguard and BlackRock own of publicly traded companies like Apple, Target, or gun manufacturersHow Vanguard and BlackRock use engagement and voting policies to influence publicly traded companies, particularly when it comes to climate risk and diversityHow ownership by Vanguard and BlackRock in publicly-traded companies in the same industry could discourage competition.What can be done through regulation or through individual action to reduce Vanguard and BlackRock's influence For more information on this episode click here. Sponsors Policygenius - save over 50% on life insurance Wealthfront - get your first $5,000 managed for free for life Show Notes What BlackRock, Vanguard and State Street Are Doing to the Economy by Farhad Manjoo—The New York Times Investment Company Fact Book World's Top Asset Management Firms—ADV Rating West Virginia Treasury Drops BlackRock Over Stance on Climate Risk by Alicia McElhaney—Institutional Investor How an Organized Republican Effort Punishes Companies for Climate Action by David Gelles and Hiroko Tabuchi—The New York Times The Future of Corporate Governance Part I: The Problem of Twelve by John C. Coates, IV Larry Fink’s 2022 Letter to CEOs: The Power of Capitalism BlackRock's gun money by Dan Primack—Axios Investment Stewardship 2021 Annual Report—Vanguard Proxy Voting Policy for U.S. Portfolio Companies Anticompetitive Effects of Common Ownership by José Azar, Martin C. Schmalz, and Isabel Tecu Common Ownership and Industry Profitability: A Crossindustry View by Haifeng Wang, Jan-Carl Plagge, James Rowley, Roger A Aliaga-Diaz How ESG investing came to a reckoning by Harriet Agnew, Adrienne Klasa and Simon Mundy—Financial Times Related Episodes 148: Is Your Financial Advisor Loyal to You? 234: Index But Don’t Herd 340: Climate Change, ESG, and What Should Investors Do? See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

How financial markets and the economy performed last time the Federal Reserve took away the punch bowl by raising its policy rate and pursuing quantitative tightening. Things worked out fine that time. Will it be different this time? Topics covered include: Where did the phrase take away the punch bowl come fromHow central bank actions can slow the economy and lower inflation.The difference between having cash and having wealthHow quantitative easing and quantitative tightening workWhat happened last time the Federal Reserve pursued quantitative tightening For more information on this episode click here. Sponsors FarmTogether - Your farmland investment manager LinkedIn - Post your job for free Show Notes Address before the New York Group of the Investment Bankers Association of America on October 19, 1955, by William McChesney Martin, Jr.—FRASER M2—Federal Reserve Economic Data Assets: Total Assets: Total Assets: Wednesday Level—Federal Reserve Economic Data Assets: Securities Held Outright: U.S. Treasury Securities: All: Wednesday Level—Federal Reserve Economic Data Americans Reported Strong Personal Finances Late Last Year, Fed Finds by David Harrison—The Wall Street Journal 270: Repo Rates Soared—Here’s Why It Matters Related Episodes 270: Repo Rates Soared—Here’s Why It Matters 295: Federal Reserve Insolvency and Monetizing the National Debt 312: What the Federal Reserve’s New Policies Mean For Your Finances See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.