The People Who Run The World
<p>What do the guns and missiles used in the Ukraine War, the latest Barbie movie, and oil drilling rigs have in common? Far away from the bright pink cinema screens and the sounds of war, the people who run the world sit behind it all. And believe it or not, they have a finger in each of the aforementioned pies.</p>
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<p><em>“If I had to do it all over again, I’d start a bank.” ~ Warren Buffet</em></p>
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<p>Whenever I watch someone praise or rail on the banking industry, it always seems like they’re missing the point. Even Warren Buffet’s quote often rings in my mind when I think about the nature of finance in the modern world. Then I realize that even if Warren Buffet had been a bank during his lifetime, he would still be middle of the food chain. Bank CEOs are just the front-men of a particular product, even they answer to someone.</p>
<p>Behind all the banks, the drill rigs of ExxonMobile, the latest political candidates, and yes… behind the sensation of the Barbie movie, are ‘the big three’ - Vanguard, BlackRock and State Street. But they aren’t banks, they are asset managers.</p>
<h2>What do the Big Three actually do?</h2>
<p>They simply manage (and therefore influence) the money and interests of the companies in their portfolio. Not actually owning any of the companies but controlling the flow of money that is invested in them. If something goes wrong there are legions of traders, investment managers, fund managers, risk assessors, department heads and even CEO’s on the sales side, to correct things before they get out of hand… or take the blame long before you get to an asset manager. That is, if the asset manager is correctly structured.</p>
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