One of the disadvantages of being a big institutional investor is that it becomes difficult to do anything other than own the market, expressing views more as a tilt than as concentrated positions. But that in turn means that a lot of competing companies have common ownership. BlackRock, Vanguard, Fidelity and State Street alone are the four largest shareholders at JP Morgan Chase and Bank of America, as well as four of the sixth largest at Citigroup. With Wellington they are the five largest shareholders of both CVS and Walgreens, collectively owning about a quarter of the former and a…