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> large portions of companies are held by the general public in much smaller quantities via 401ks, pensions, etc.

Considering everyone is in index (or mutual) funds these days, do they actually own any shares in the underlying companies? I’m not sure they do? The fund surely owns shares of various companies, but the holders of the fund aren’t shareholders in the underlying companies.

Perhaps this is a silly point to make, but the fund providers will show up as 10% owners if the general public has any significant stake in these companies.