Ben Gilbert: prediction

Transcript context

…Which I have no idea if that's a good or bad thing, but it's certainly not how corporate boards have operated in the past. Right. I will say this 20% is a little misleadingly low because thanks to direct indexing and people constructing their own portfolios that look like indexes but aren't actually in index funds, the passive ownership in companies could be more like 30 to 40%. But the people that are direct indexing or creating the mirror portfolios, they're not in funds, so you don't really have to worry about how the funds are voting. But it does impact— those people aren't trading, those people aren't participating in price discovery. That's just passive ownership of everything. Yep, yep. At the end of the day, on all this stuff, I think these are some issues that will get magnified and need to be worked out, but none of them feel like, any real existential threats to me, to passive.…

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