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> There is far less competition than it appears

And then looking at who owns all the huge companies: Vanguard, Wellington, BlackRock, State Street, Fidelity, etc.

Who owns BlackRock? PNC, Vanguard, State Street, Wellington, Fidelity, etc.

Who is this PNC? BlackRock, Vanguard, Fidelity, State Street, Wellington, etc.

It's just a big incestuous orgy of pension fund managers pretending to diversify and skimming a little off each trade.



Huh? Are you confusing brokerages with mutual fund?




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