VCs focus more on thought leadership than ever before, because their access to capital is less valuable than their social capital. Dave Portnoy can become one of the biggest names in finance, raise tens of millions for businesses hurt by the pandemic and move stock prices without having billions under management or a long investing track record let... See more

Vanguard, for example, owned the largest stake in Disney, Netflix, Comcast, Apple, and Warner Bros. Discovery. It holds a substantial share of Amazon and Paramount Global. By 2010, private-equity companies had acquired MGM, Miramax, and AMC Theatres, and had scooped up portions of Hulu and DreamWorks. Private equity now has its hands in Univision,... See more