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Today's question comes from Aaron and Delaware. I read recently that 88% of shares in the stock market are owned by three major companies, Black Rock, State Street, and Vanguard.

Should this be concerning or affect how we invest?

Well, I have to plead ignorance on the first part of that question.

I don't know where you read that.

I've not seen that.

I don't know if it's true.

I'll cede my time to the gentleman to my left, but it should not.

The gentleman from Tennessee.

That's right.

It should not be concerning because Tennessee that's right it should not be

concerning it's not it's not it doesn't concern me because they're not companies that's

right they're mutual fund companies they manage mutual funds they don't own the shares I do

and Ken does and any of you that have a 401k does okay State, State Street and Vanguard and BlackRock are three of the largest mutual fund families.

Each mutual fund has 90 to 200 stocks in it and millions of customers.

So I own shares of Vanguard because I buy Vanguard mutual funds sometimes.

I own shares of State Street because I buy fund families that are State Street run and

operated.

So these are not BlackRock and Vanguard and State Street do not have the ability to tell

any of these companies what to do because they own shares in them,

because they don't really own the shares. Their customers own the shares. A mutual fund is

where you put money in, I put money in, somebody else puts money in, 40,000 other people

...