A few more facts…
The largest money-management firms, like Vanguard, BlackRock, State Street, Fidelity, JP Morgan, Invesco, Morgan Stanley, etc., are the largest institutional shareholders in the largest “competing” corporations, in most every single industry.
The “Big Three” alone (Vanguard, BlackRock and State Street) hold over 17 percent of the entire U.S. markets capitalization.
Combined, a couple handfulls of these firms own over 40 percent of the entire markets.
These firms own the six largest “competing” U.S. banks, the six largest “competing” U.S. airlines, the largest “competing” tech firms (incl. Apple, Alphabet, Microsoft, IBM, Twitter, Facebook, Netflix, and others), the largest “competing” telecoms (incl. AT&T and Verizon), the largest “competing” defense contractors, the largest retailers (incl. Walmart, Amazon, CostCo, Kroger, Paypal, etc), and etc., etc., etc…
They initiated the mass corporate stock buybacks, leading to fewer outstanding shares, leading to higher EPS (earnings per share).
That, plus their acquisition of more shares led to the stock market “boom” (via reducing the availability of shares, thus artificially increasing stock pricing). Supply/demand.
They initiated mass layoffs, significantly reducing corporate expenses, raising profits.
Plus, by owning the largest “competitors” in most every single industry, they have been able to virtually eliminate real competition, thereby raising prices on most everything, while keeping wages low.