Strive Is Disrupting the Asset Management Industry
Main Street investors are increasingly aware of a problem with big Wall Street firms. Those firms have accumulated too much money. With that money comes power. And they use that power to chase progressive agendas. It has to change. Strive Asset Management is a startup firm that’s poised to take on the Goliath Wall Street firms. They have the leadership, they have the backing, and they have a platform for changing the game. But first, let’s review why this is so important. The asset management industry grew rapidly these last few decades because of a simple innovation. When Big Wall Street Went On SteroidsFinancial legends like Warren Buffet frequently say that the S&P 500 is the best long-term investment for casual investors. His recommendation is to simply invest in the index and hold. However, it costs tens of thousands of dollars to purchase all 500 stocks. Most retail investors (everyday people who invest in the stock market) don't have enough money to do this. Wealth management firms had the solution. They would buy the shares, bundle them up, and sell those shares in a bundle. These securities are called ETFs and mutual funds. When you buy an ETF or mutual fund, you aren't actually buying any stocks directly, just a share of the stock bundle that the firm built. The investment firms own the actual stocks and all of the shareholder rights associated with them. Financial specialists started making all kinds of ETFs. Some represent stock indexes like the S&P 500 and others represent stocks in specific industries or companies of a certain size. Everyday investors were thrilled with this low-cost method of diversification, and ETFs boomed! According to the Wall Street Journal:
When you add it all up, it is easy to see how huge asset management firms like Blackrock, Vanguard, and State Street are "among the three largest shareholders in more than 80% of the companies in the S&P 500." And they abuse that power to push their own woke agenda that actually hurt Main Street Americans. Jack Bogle was the founder of Vanguard and is considered the father of index funds. Yet, before his death in 2019 - and before the three big asset managers we’re as big as they are now - Bogle was increasingly concerned about the monster he helped create. As Bogle noted in a 2018 Wall Street Journal article:
Bogle’s concerns came true and the consequences were worse than he imagined. In recent years, largest asset managers have supported ill-advised ESG policies that increased energy costs and helped create shortages. And they supported woke policies and “equity audits” that divide and dehumanize company employees. Corporate America’s rapid transition to Woke Inc. would not have happened without cover and pressure from the big three. But change is coming. Enter Vivek Ramaswamy and Strive Asset ManagementVivek Ramaswamy is an experienced biotech CEO who shows hustle that would make Gary Vaynerchuk weep. Perhaps all you need to know is Vivek got his degree at Yale Law while working full-time as a hedge fund partner. Vivek quit his biotech job to be unencumbered when discussing his concerns about trends in corporate America. You can read all about that journey in his bestselling book Woke Inc. Now Vivek has co-founded Strive Asset Management. In Strive’s own words:
Strive raised $20 million from prominent investors and entrepreneurs like Peter Thiel and Bill Ackman. They recently launched their first product, an energy index fund trading under the symbol DRLL. The ETF exceeded $100 million in assets under management within the first week of trading – with an average investment of under $5,000. That shows broad-based grassroots support. Vivek and his team won’t need to become the biggest firm in the industry to make a huge difference. Just having an alternative for index investing helps Main Streeters avoid the Goliath Wall Street firms. In addition, Vivek and Strive can use their media platform to raise awareness among Main Streeters about the importance of keeping their investment managers accountable. Here’s an assignment for every American:
Figure out who serves on your pension fund board. Ask them if your money was used to vote in favor of Apple’s “racial equity audit” or Chevron’s “Scope 3 Emissions Cap.”
If it was, and you don’t approve, let me and @realchrisrufo know. We’re confident this is the beginning of a movement, and we want to do our part. That’s why we launched MainStreetProxy.com. Our big, audacious goal is to see one million Main Street investors spend one hour per year engaging with America’s largest companies. That includes voting your shares, voting on shareholder proposals, and engaging with company leadership. When you combine the power of Main Street investors with the emergence of alternative asset managers like Strive, we can pressure America’s largest companies to support prosperity, security, and freedom for the country that made their success possible in the first place. This is the way. God bless and God bless America. -Jeff and Luke |
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