He's 100% correct.
About 10 funds own 80% of all Large Cap assets worldwide. If you dig a little deeper you will realize the 10 funds actually OWN EACH OTHER. If you dig two levels deeper, you will find a Trust, then Trustee then a Beneficiary. That Beneficiary is offshore and does not have a US Passport. It merges all assets into a single account whose jurisdiction is located in the world of Energetic Principalities.