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by JoshTriplett 2749 days ago
> The decision-making gets outsourced to managers, who pay themselves more and more.

Not in a good index fund. Vanguard's funds effectively own Vanguard.

1 comments

I meant the management of individual businesses and the trend in CEO compensation.
Bogle's book "Investment vs Speculation" discusses this point at length. He calls the world today the "double-agent society" in that there are two levels of intermediation (corporate management and investment management) between productive activity, and the ultimate owners of capital.