He is now richer, the apple grower is now poorer, and the economy is worse off due to the central bank having distorted the natural allocation of value created through free interactions in the market.
Other ETFs with a large Bank of America position include the iShares Dow Jones U.S. Financial Services Index Fund (IYG), with an allocation of nearly 9.8%, and the SPDR KBW Bank ETF (KBE) with an allocation of over 10.6%.
The bank argues that its emphasis on asset allocation need not provoke a backlash from fat cats: future economic growth will create plenty of new assets to spread around.