I'm not sure this is totally fair, though:
> We found that the Big Three, taken together, have become the largest shareholder in 40% of all publicly listed firms in the United States.
> Together, the Big Three are the largest single shareholder in almost 90% of S&P 500 firms
> The Big Three – seen together – are virtually always the largest shareholder in the few competitors that remain in these sectors.
They're aggregating these owners together, then saying that the aggregation is larger than the non-aggregated other owners.
That's not too surprising, right? Taken together, the vowels cover more of the alphabet than any other single letter. Undoubtedly true, but what does that really tell us?
If the big three tend to vote with management, that sounds potentially concerning. But are they just not voting for wacky shareholder proposals? What proportion of those votes actually tip the outcome?
The section on the potential impact of this ownership concentration has a lot of "could have" and "may be" in it. We should definitely be doing that research, but at this stage the story isn't super compelling.