Is the Rise of Large Shareholders Putting More Pressure on Managers?

The rise of passive indexation has happened in a secular way, so it's really hard to know what is going on because of that. But i guess the deeper question i would have is, how is that different than what the mechanisms that are in place when it's a bunch of active managers or a bunch of other investors? Fidelity owned a lot of stuff before and was actively managing. And in fact, there's this counter effect that you alluded to, which is the rise of large shareholders should put more pressure on managers. It's possible that somehow they internalize their owners interests by basically not working as hard.