two..
Vanguard is in a tougher spot than Twitter.
The board works for Twitter and must act on best interest of twitter.
Vanguard works for the American people and are the biggest holder of pension funds. Vanguard's board is responsible for not just making decisions for it company (like Twitter's board), it's also contractually obligated to making a profit and not losing the money it manages.
Vanguard starts declining offers, they have to deal with at least 3 possible negative things.
First, their positions on the Vanguard board and getting fired from that.
Second, the companies legal responsibility to their customers.
Third and not least, the prospect of the people YANKING pension money out of Vanguard funds and forcing them to start selling off stocks.
When they start selling off stocks, those stocks will start to plummet across their entire portfolio as every starts from them.
They will be the plague.
couple things to add...
Vanguard owns Blackrock, so they speak as one...
two.. Vanguard is in a tougher spot than Twitter. The board works for Twitter and must act on best interest of twitter. Vanguard works for the American people and are the biggest holder of pension funds. Vanguard's board is responsible for not just making decisions for it company (like Twitter's board), it's also contractually obligated to making a profit and not losing the money it manages.
Vanguard starts declining offers, they have to deal with at least 3 possible negative things. First, their positions on the Vanguard board and getting fired from that. Second, the companies legal responsibility to their customers. Third and not least, the prospect of the people YANKING pension money out of Vanguard funds and forcing them to start selling off stocks.
When they start selling off stocks, those stocks will start to plummet across their entire portfolio as every starts from them. They will be the plague.