> Tracking the index on your own would be more than a full time job. You could do it automatically, but that just reinvents the fund
That reinvents funds ... without the problem of accumulating all the power in a few hands, which was exactly my point?
> The S&P500 had 500 stocks. Do you want to vote ~1.5 times a day?
No, and why would I have to? For one, many index funds don't vote on many stocks either. But more importantly, the point is to unbundle voting rights from the portfolio management aspect. Just as that doesn't mean that you have to manually track an index, it doesn't mean you have to manually vote either, does it? You can just delegate it to some group that you think represents your interests, and you could do so selectively. If some group wants to get some particular company to change something and you support that, you could just delegate the voting rights for that one company to that group.
That reinvents funds ... without the problem of accumulating all the power in a few hands, which was exactly my point?
> The S&P500 had 500 stocks. Do you want to vote ~1.5 times a day?
No, and why would I have to? For one, many index funds don't vote on many stocks either. But more importantly, the point is to unbundle voting rights from the portfolio management aspect. Just as that doesn't mean that you have to manually track an index, it doesn't mean you have to manually vote either, does it? You can just delegate it to some group that you think represents your interests, and you could do so selectively. If some group wants to get some particular company to change something and you support that, you could just delegate the voting rights for that one company to that group.