A robust literature describes the incentives and stewardship practices of the “Big Three” asset managers (BlackRock, Vanguard, and State Street Global Advisors), often referring to these asset managers as “passive.” This is so common that the “Big Three,” “index fund,” and “passive manager” are used almost interchangeably by both academics and practitioners. This shorthand emerged in the foundational scholarship in this area, and while it may remain useful in certain contexts, its casual use obscures important features of the market and contributes to misperceptions. In this chapter, we demonstrate that it is a mistake to equate passive investing with index funds; index funds with the Big Three; and the Big Three with giant asset managers. We further sketch some of the consequences of these distinctions and set forth questions for further research.

The chapter examines the different phases of the wartime ‘special relationship’ between the UK and the USA. Roosevelt’s initial contact with Churchill was born of the realisation that American security was tied to that of the UK but with the over-riding caveat that the USA would not become ‘a tail on the British kite’. Initially, Churchill worked hard to convince Roosevelt that Britain was serious about continuing the war, while FDR pursued a strategy of hemispheric defence. Co-operation then increased with Roosevelt developing a policy of all aid short of war. Pearl Harbor ushered in the high-water mark of the alliance, albeit with disagreements about strategy. FDR saw an opportunity to draw the English-speaking peoples together to create a new, multilateral world order that rejected imperialism, while Churchill saw the war as a means to restore the British Empire and perpetuate British power. Roosevelt’s pursuit of a bilateral relationship with Stalin led to a final phase of increasing tension. Ultimately, the special relationship that emerged from the war would become far more important in the UK than in the USA, yet it owed much to the two people’s shared belief in preserving democracy.