BlackRock just crossed the $14T mark in assets under management—absolutely staggering. The numbers tell the story: $342B flooded in during Q4 alone, with a full-year total hitting $698B. The bull run certainly helped. Vanguard is hanging tough just above $12T. But here's the thing—after those two titans, there's such a massive gap you'd need a telescope to spot the competition. The asset management industry's concentration is wild.