The Vanguard Group

When you think about the market in that framework and you think about something like SpaceX, what they're really trying to do is make investors aware that bid will be there to provide liquidity for them to exit if they participate early.

And so it's similar to a Greenspan put, right? We can call it the Vanguard put.

Vanguard will show up to buy those shares, or investors who have referenced the Nasdaq one hundred will show up to buy those shares regardless of valuation.

Ultimately, that creates a time race that basically says, are we expanding index participation fast enough to offset the insider selling? And the mechanics of how they worked with Nasdaq to magnify the float so that there's actually roughly a three-to-one increase relative to the float dynamics facilitates that exit.

Anyone looking at this comes to the conclusion that this is going much higher.

And as we highlighted, payment for order flow is a mechanism of, "Here, I'll give you free trades in exchange for your information." Think of the Google mantra, "If you're not paying for the product, you are the product." So the growth of Robinhood and the zero-commission platforms was largely facilitated by that payment for order flow.

The second phenomenon on the sunshine traders, as they get larger and larger in the market, what they're really seeking is liquidity provision.

And you can just Google Vanguard partners with market makers to facilitate liquidity.

'Cause I think a lot of people don't realize is that a lot of the ETFs, like, there's tons of different S&P 500 ETFs.

So all the different companies like Vanguard, BlackRock, they all have their own S&P 500 ETF.

So if you ended up taking like three of those and they each had 20% in them or something, you could have, like, 60% just in the S&P 500, which might be more than what you wanted.

And same with the NASDAQ, same with all the Canadian, um, ETFs.

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All right, Austin, I'm gonna get into my radar points, starting out with Vanguard's fifty-year winning streak just ended.

Vanguard shares of US fund assets rose for fifty straight years, peaked nearly twenty-seven percent, double Fidelity's nineteen-nineties high water mark, and is now receding per Bloomberg's Eric Balchunas.

Vanguard still runs eleven trillion dollars-plus in assets, more than double each of BlackRock and Fidelity individually, and the top three together control fifty-two percent of all fund assets.

But newer data shows BlackRock, Vanguard, and State Street's combined ETF inflow share sliding to fifty-five percent as fee-cutting rivals Fidelity's zero expense ratio funds, among them chip away at what used to be Vanguard's unassailable low-cost edge.

This is important, Austin.

You know, you and I talk about VOO and making sure people understand to get those low expense ratio funds.

So this is kind of enlightening that we've talked about VOO and some of the Vanguard products for so long.

And there's no place for them to participate.

They're not going to buy Vanguard funds.

And then they're like, actually, we're going to put this huge throbbing machine on the hill.

Your electric will go up.

And that was part salary, part real estate commissions, and then part project commissions.

You had about $120,000 in cash and $37,000 in a Vanguard brokerage, $6,800 in a 401k, and $11,000 in some other change there.

And your question was basically, how do I get to FI by age 45? Is that a good recap of that?

Yeah, sure, at the time.

So you need to check with your CPA or your financial planner or look it up online.

Make sure that you're not putting into a Roth IRA a Vanguard or Charles Schwab isn't going to flag it.

We've seen it.

We've seen it time and time again where people put it in and it turns out they weren't eligible.

You look and you've got Carl Icahn at 20 percent or choose your big name activist.

But for the most part, you know, it's Vanguard.

Vanguard and the two other big index funds are the companies who control 40 percent of every company on the private market.

And what happens is the index funds, I mean, they don't give a fudge, right? They just follow what ISS tells them for the most part.

And I'm wondering, over in the UK, it's kind of the five to seven big funds over there.

But he was told once again, not only by Corsi, but also by her supervisor at the Bureau, to stand down.

The next day, Vanguard sent Corsi an angry email.

Whatever has happened to this, someday, somebody will die.

And wall or not, the public will not understand why we are not more effective in throwing every resource we had at certain problems.

Institutional giants, of course, are major shareholders of Axon.

BlackRock, Vanguard, State Street are among its major top institutional investors.

Literally, BlackRock and Vanguard are the top two.

And I'm going to get into a whole thread about Axon in a minute.

Flock defaults to short-term retention.

And here's where we get to who actually owns this company.

Shareholder stake.

The Vanguard Group owns 11.6%.