By Matt Levine, Bloomberg, March 08, 2018
A strange thing that has happened in modern American financial capitalism is that most gun companies are owned mostly by people who do not like guns. That is: The gun companies’ biggest shareholders are mostly big index funds and quasi-indexed institutional investors, whose ultimate owners — the people whose money the funds are managing — have no special interest in guns, and whose managers — the financial-industry professionals in New York and Boston and California and Philadelphia — are probably less fond of guns than the average American. On the other hand the companies’ customers are, by definition, more fond of guns than the average American.
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