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This week we dive deep into revealing our shadowy overlords. You may know the names Vanguard, Blackrock, and State Street. All are global investment managers who have done a lot to champion low-cost access to investing for retail investors. Due to their scale and focus on index tracking funds, they have a stake in the great majority of listed companies, and they own a decent stake in many of those companies. As an example, Vanguard is the largest holder of Apple stock, while Blackrock and State Street are the third and fourth largest holders. If this is our last episode, someone got to us.

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