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  • 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.

In recent years three companies have amassed so many assets

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B1 中級

3社が市場の筆頭株主になった経緯|カウントするチャート (How three companies became the market's biggest shareholders | Charts that Count)

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    林宜悉 に公開 2021 年 01 月 14 日
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