Yeah, definitely good points. Even with a department looking after voting, they're not nearly as "vested" in the results of their voting as something like an actively managed long value fund is.
Why? How is Vanguard, an investment management firm which employees thousands of trained professionals, not qualified to cast votes on corporate governance? And in what sense is it "power collecting"?
Yes, this is an issue that is largely debated, and there are some very interesting conflicts of interest - just curious why you specifically think it's so bad.
I think you're missing the gist of his statement and also overlooking the word "almost"?
That being said, most of your definitions are still dependent on competitively pricing securities. A market maker who can't calculate reasonable theos won't be a market maker for long.
Yeah, it really is. If you haven't already, check out the full BEA report - it's incredibly comprehensive and leads to lots of "jumping off" points for further research.
There is both a visual and aural indicator. That being said, nobody (except Bonin) knew that the PF had his stick completely back until it was too late.