Public Data. Public Interest.

Three companies
own America's
war machine.

BlackRock, Vanguard, and State Street simultaneously own Lockheed Martin, Raytheon, Northrop Grumman, and General Dynamics. When America goes to war, they all profit. Every time.

COMMON OWNERSHIP CONCENTRATION (ΔMHHI)
66,972
The airline study that triggered Senate hearings found 2,000.
This is 33× higher.
CONCENTRATION GAUGE
66,972
ΔMHHI
Defense Sector ΔMHHI
Airline study that triggered Senate hearings: 2,000
Defense sector: 33× higher

What they own

Combined holdings of BlackRock, Vanguard, and State Street in each defense contractor

Loading holdings data...

What does 66,972 actually mean?

Perfect competitionNo common ownership — companies fully compete
0
Airline industryTriggered Senate hearings in 2018
2,000
Banking industryWhy your bank fees keep rising
8,000
Defense industryBlackRock + Vanguard + State Street own everything
66,972
PLAIN ENGLISH
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What is ΔMHHI?
It measures how much competitive incentive is destroyed by common ownership. Zero means full competition. Higher means companies have less reason to compete because they share the same investors.
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Why airlines matter
In 2018 economists proved that when BlackRock and Vanguard owned competing airlines, ticket prices were 3-7% higher on those routes. The Senate held hearings. The ΔMHHI on those routes averaged 2,000.
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What 66,972 means
The defense sector concentration is 33 times higher than the airline number that caused Senate hearings. Lockheed, Raytheon, Northrop, and General Dynamics have almost no financial incentive to compete with each other — they pay the same investors.
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What this costs you
Defense spending is your tax dollars. When there is no real competition for contracts, prices stay high. The Pentagon pays more. You pay more. The same three asset managers collect dividends from all of it.

Why this matters

When the same investors own all the competitors in an industry, those companies have less incentive to compete against each other. Why undercut a rival when you both pay the same shareholders? Economists call this common ownership — and peer-reviewed research shows it raises consumer prices by 3-7% in industries where it's prevalent.

In the defense sector, the effect is 33× stronger than in airlines. Every missile contract, every defense bill, every conflict — the same three investors collect from every side.

Data sources
All data sourced from public government disclosures. SEC Form 13F institutional holdings filings via EDGAR. Security identifiers via Bloomberg OpenFIGI (open source). This platform presents statistical correlations — not allegations of illegality. Every data point traceable to its original SEC filing.