字幕表 動画を再生する 英語字幕をプリント In recent years three companies have amassed so many assets in the public markets that they've come to eclipse all other investors in terms of size and market power. So here's the deal. People are really bad at picking which stocks are going to succeed and which stocks are going to fail. You may have heard the example that a blindfolded monkey throwing darts at a stock list does better than a professional. Well, in a lot of cases, that's actually true. So a man named Jack Bogle invented something called the index fund. And the index fund basically instead of choosing which stocks you think are going to succeed and which are going to fail, you just take a basket of stocks and you track it. So the S&P 500, for example, is a basket of stocks. It's the 500 largest companies in the US and it's weighted by their size. So this is often referred to as passive investing because you're not sitting around researching which companies are going to do well this year, which ones are going to do poorly. You're not trading in and out of those. You're just putting your money in an index fund and letting it do its thing. Now, let's switch to something else. Perhaps, you've heard of a monopoly. Perhaps, you've also heard of an oligopoly. An oligopoly is essentially the same thing as a monopoly. In a monopoly, there is one company providing all the goods and services in a particular market. In an oligopoly there's just a small handful of companies providing all the goods or services in a single market. So one example of this is phone services in the US, which you're basically limited to AT&T, Verizon, T-Mobile, or Sprint if you want phone services in the United States. So that is an oligopoly. Well, in the world of index investing we have what's emerging to be a bit of an oligopoly as well. The three companies that comprise it are Vanguard, that one that was started by Jack Bogle. By the way, that's the largest provider of mutual funds in the world. You also have BlackRock and you also have State Street. Now this chart, which is produced from research by Backus, Sinkinson, and Conlon, shows the ownership of an average company. I'm sorry, the average ownership of a typical company by these three firms. So I put the per cent here to remind you that Vanguard, if you can see it in 2017, was approaching average ownership of 9 per cent of a typical company. Now, 9 per cent may seem on its face like a small number, but think about this: if you combined these three companies they would be the single largest shareholder of 9 out of every 10 public companies. That is just massive power. And you can see it's been increasing in the last two decades. So shortly before his death, Jack Bogle, the inventor of index funds, he even admitted that there is a bit of concern if these three firms continue this path of market dominance.