In the last ten or 15 years, i think the most important development in finance has not been robin hood or retail trading. It's actually been the rise of indexation. This means effectively that money managers are not making significant choices and have no discretion over what they buy. In particular, three players, black rock, vanguard and state street, are very dominant in that industry. They collectively can account for as much as 15 to 20 % of ownership. And maybe even more.