Collectively, the two behemoths of the passive investment industry, Vanguard and BlackRock, control more than $10 trillion of other people's money. Why? Because from multi-billion-dollar pension funds all the way down to individual retail investors with 401(k)s like me, they're trusted to do right by their clients; to maximize the value of their investments.
It appears we have may misplaced that trust. This isn't about bad bets on underperforming stocks or high fees. It's about something far more insidious; spending their clients' savings to improve their own public image.
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