--- title: "Meaning & Key Takeaway of: We have moved from treating funds as…" description: "\"We have moved from treating funds as investment trusts designed to serve their owner-beneficiaries to treating funds as consumer products, designed to ..." image: "https://sms4smile.com/quotes/i/f0b/john-c-bogle-2199_consumer_we-have-moved-from-treating-funds-as-inv_1409096.jpg" --- # We have moved from treating funds as investment trusts… ![“We have moved from treating funds as investment trusts designed to serve their owner-beneficiaries to treating funds as consumer products, designed to attract the largest possible assets. This new approach has ill-served the interests of fund shareholders.” quote by John C. Bogle](https://sms4smile.com/quotes/i/f0b/john-c-bogle-2199_consumer_we-have-moved-from-treating-funds-as-inv_1409096.jpg) [Download](https://sms4smile.com/quotes/i/f0b/john-c-bogle-2199_consumer_we-have-moved-from-treating-funds-as-inv_1409096.jpg) [Open image](https://sms4smile.com/quotes/i/f0b/john-c-bogle-2199_consumer_we-have-moved-from-treating-funds-as-inv_1409096.jpg) > “We have moved from treating funds as investment trusts designed to serve their owner-beneficiaries to treating funds as consumer products, designed to attract the largest possible assets. This new approach has ill-served the interests of fund shareholders.” [John C. Bogle](https://sms4smile.com/quotes/author/john-c-bogle/) ## About This Quote This interpretation was drafted with AI assistance. It is one reading of the quote, not the author's own explanation. Funds have shifted from owner-focused trusts to consumer-oriented products, harming shareholders' interests. **In simple terms:** Funds now act like consumer goods, not owner trusts, hurting shareholders. Key Takeaway Prioritize shareholder interests over mass‑market appeal. Themes finance investment shareholder rights Mood critical concerned Type financial analytical When to use this quote - portfolio management - regulatory review - financial education Key Concepts mutual funds consumerism fiduciary duty Questions to Reflect On - Are larger assets always better for shareholders? - How can funds balance consumer appeal with fiduciary responsibility? A Different Perspective Focusing on size can compromise fund performance and fiduciary duty. ★ ★ ★ ★ ★ No ratings yet [Consumer](https://sms4smile.com/quotes/about/consumer/) [Customer](https://sms4smile.com/quotes/about/customer/) [Fund Shareholders](https://sms4smile.com/quotes/about/fund-shareholders-3487461/) [Funds Consumer](https://sms4smile.com/quotes/about/funds-consumer-4961162/) [Funds Investment](https://sms4smile.com/quotes/about/funds-investment-4961163/) [Investing](https://sms4smile.com/quotes/about/investing/) [Investment](https://sms4smile.com/quotes/about/investment/) [Investment Trusts](https://sms4smile.com/quotes/about/investment-trusts-462886/) [New](https://sms4smile.com/quotes/about/new/) [Possible](https://sms4smile.com/quotes/about/possible/) [Treating Funds](https://sms4smile.com/quotes/about/treating-funds-4961161/) [Trust](https://sms4smile.com/quotes/about/trust/) ## Related quotes > [I believe Washington should be a more active participant focusing on the issue of why corporate shareholders and mutual fund shareholders are not given…](https://sms4smile.com/quotes/john-c-bogle/i-believe-washington-should-be-a-more-active-participant-focusing-on/) [John C. Bogle](https://sms4smile.com/quotes/author/john-c-bogle/) > [The fund scandals shined the spotlight on the fact that mutual fund managers were putting their interests ahead of the fund shareholders who trusted…](https://sms4smile.com/quotes/john-c-bogle/the-fund-scandals-shined-the-spotlight-on-the-fact-that-mutual-fund/) [John C. Bogle](https://sms4smile.com/quotes/author/john-c-bogle/) > [Hedge funds are investment pools that are relatively unconstrained in what they do. They are relatively unregulated (for now), charge very high fees, will…](https://sms4smile.com/quotes/cliff-asness/hedge-funds-are-investment-pools-that-are-relatively-unconstrained-in/) [Cliff Asness](https://sms4smile.com/quotes/author/cliff-asness/) > [More investment trusts securities were offered in September of 1929 even than in August - the total was above $600 million. However, the nearly…](https://sms4smile.com/quotes/john-kenneth-galbraith/more-investment-trusts-securities-were-offered-in-september-of-1929/) [John Kenneth Galbraith](https://sms4smile.com/quotes/author/john-kenneth-galbraith/) > [I'm caught up probably just as much in the consumer culture as the next person.](https://sms4smile.com/quotes/michael-moore/i-m-caught-up-probably-just-as-much-in-the-consumer-culture-as-the/) [Michael Moore](https://sms4smile.com/quotes/author/michael-moore/) > [The broken consumer credit market had to be repaired by making sure that consumers had the right information and could use it effectively. That…](https://sms4smile.com/quotes/elizabeth-warren/the-broken-consumer-credit-market-had-to-be-repaired-by-making-sure/) [Elizabeth Warren](https://sms4smile.com/quotes/author/elizabeth-warren/) > [“We consumer and become exactly what we create. In all times.”](https://sms4smile.com/quotes/lidia-yuknavitch/we-consumer-and-become-exactly-what-we-create-in-all-times/) [Lidia Yuknavitch](https://sms4smile.com/quotes/author/lidia-yuknavitch/) > [The pharma pricing system was not built on the idea of consumer engagement. It was built... on market efficiencies. It was not built on…](https://sms4smile.com/quotes/heather-bresch/the-pharma-pricing-system-was-not-built-on-the-idea-of-consumer/) [Heather Bresch](https://sms4smile.com/quotes/author/heather-bresch/) > [When I put on my consumer hat, and I'm buying tickets to be entertained, I'm not interested in seeing, like, 'Don Quixote.' Unless someone…](https://sms4smile.com/quotes/justin-peck/when-i-put-on-my-consumer-hat-and-i-m-buying-tickets-to-be/) [Justin Peck](https://sms4smile.com/quotes/author/justin-peck/) > [“For their never-ending endeavours to obtain or retain wealth, countries desperately need companies, because they—unlike most human beings—have the means of production, and human…](https://sms4smile.com/quotes/mokokoma-mokhonoana/for-their-never-ending-endeavours-to-obtain-or-retain-wealth/) [Mokokoma Mokhonoana](https://sms4smile.com/quotes/author/mokokoma-mokhonoana/) > [All of my work is meant to evoke a whole bunch of different layers of discord between the attraction and repulsion that we feel…](https://sms4smile.com/quotes/chris-jordan/all-of-my-work-is-meant-to-evoke-a-whole-bunch-of-different-layers-of/) [Chris Jordan](https://sms4smile.com/quotes/author/chris-jordan/) > [A brand is no longer what we tell the consumer it is it is what consumers tell each other it is. - Scott Cook,…](https://sms4smile.com/quotes/scott-cook/a-brand-is-no-longer-what-we-tell-the-consumer-it-is-it-is-what/) [Scott Cook](https://sms4smile.com/quotes/author/scott-cook/) > [Women now influence the majority of consumer purchases. It is women's votes that will secure victory at the next election, hence the altogether delicious…](https://sms4smile.com/quotes/allison-pearson/women-now-influence-the-majority-of-consumer-purchases-it-is-women-s/) [Allison Pearson](https://sms4smile.com/quotes/author/allison-pearson/) > [At age 28, I had no retail experience, no consumer marketing experience and no real Internet experience. But I decided I wanted to work…](https://sms4smile.com/quotes/mariam-naficy/at-age-28-i-had-no-retail-experience-no-consumer-marketing-experience/) [Mariam Naficy](https://sms4smile.com/quotes/author/mariam-naficy/) > [One of the Internet's highest-profile companies, Priceline once dreamed of transforming the way consumer goods are bought and sold by offering customers the chance…](https://sms4smile.com/quotes/alex-berenson/one-of-the-internet-s-highest-profile-companies-priceline-once/) [Alex Berenson](https://sms4smile.com/quotes/author/alex-berenson/) ## More by John C. Bogle > [The basic idea of retirement income is, to me, to get a check, two checks every month, one from your fixed income and one…](https://sms4smile.com/quotes/john-c-bogle/the-basic-idea-of-retirement-income-is-to-me-to-get-a-check-two/) [John C. Bogle](https://sms4smile.com/quotes/author/john-c-bogle/) > [When you're young, you've got plenty of time to recover from your mistakes.](https://sms4smile.com/quotes/john-c-bogle/when-you-re-young-you-ve-got-plenty-of-time-to-recover-from-your/) [John C. Bogle](https://sms4smile.com/quotes/author/john-c-bogle/) > [I almost hate to say how proud I am of my career and, most of all, helping folks get the returns they deserve.](https://sms4smile.com/quotes/john-c-bogle/i-almost-hate-to-say-how-proud-i-am-of-my-career-and-most-of-all/) [John C. Bogle](https://sms4smile.com/quotes/author/john-c-bogle/) > [The Vanguard Experiment was designed to prove that mutual funds could operate independently, and do so in a manner that would directly benefit their…](https://sms4smile.com/quotes/john-c-bogle/the-vanguard-experiment-was-designed-to-prove-that-mutual-funds-could/) [John C. Bogle](https://sms4smile.com/quotes/author/john-c-bogle/) > [“An investment in knowledge always pays the best interest. Learning is to the Studious, and Riches to the Careful. If a man empties his…](https://sms4smile.com/quotes/john-c-bogle/an-investment-in-knowledge-always-pays-the-best-interest-learning-is/) [John C. Bogle](https://sms4smile.com/quotes/author/john-c-bogle/) > [I liked the so-called Volcker Rule. I would have separated investment banking and commercial, deposit banking, as we did under the Glass-Steagal Act. I…](https://sms4smile.com/quotes/john-c-bogle/i-liked-the-so-called-volcker-rule-i-would-have-separated-investment/) [John C. Bogle](https://sms4smile.com/quotes/author/john-c-bogle/) > [We make too much out of past performance, and it's very misleading to investors. It causes them to move money around. They buy a…](https://sms4smile.com/quotes/john-c-bogle/we-make-too-much-out-of-past-performance-and-it-s-very-misleading-to/) [John C. Bogle](https://sms4smile.com/quotes/author/john-c-bogle/) > [It's very difficult for any particular segment of the stock market to sustain superior performance. The watch word for our financial markets is, "reversion…](https://sms4smile.com/quotes/john-c-bogle/it-s-very-difficult-for-any-particular-segment-of-the-stock-market-to/) [John C. Bogle](https://sms4smile.com/quotes/author/john-c-bogle/) > [I do think that impact investing is not that effective. Shares go from investor A to investor B, and the company doesn't even know…](https://sms4smile.com/quotes/john-c-bogle/i-do-think-that-impact-investing-is-not-that-effective-shares-go-from/) [John C. Bogle](https://sms4smile.com/quotes/author/john-c-bogle/) > [I was born in an earlier generation and, as a group, my classmates at Blair Academy and Princeton University were as ethical, straightforward, and…](https://sms4smile.com/quotes/john-c-bogle/i-was-born-in-an-earlier-generation-and-as-a-group-my-classmates-at/) [John C. Bogle](https://sms4smile.com/quotes/author/john-c-bogle/) > [My only regret about money is that I don't have more to give away.](https://sms4smile.com/quotes/john-c-bogle/my-only-regret-about-money-is-that-i-don-t-have-more-to-give-away/) [John C. Bogle](https://sms4smile.com/quotes/author/john-c-bogle/) > [U.S. companies are innovative and entrepreneurial.](https://sms4smile.com/quotes/john-c-bogle/u-s-companies-are-innovative-and-entrepreneurial/) [John C. Bogle](https://sms4smile.com/quotes/author/john-c-bogle/) > [Successful investing is about owning businesses and reaping the huge rewards provided by the dividends and earnings growth of our nation's - and, for…](https://sms4smile.com/quotes/john-c-bogle/successful-investing-is-about-owning-businesses-and-reaping-the-huge/) [John C. Bogle](https://sms4smile.com/quotes/author/john-c-bogle/) > [Without getting into brothels, there are ethical capitalists the problem is that there aren't enough of them. It is not "just a few bad…](https://sms4smile.com/quotes/john-c-bogle/without-getting-into-brothels-there-are-ethical-capitalists-the/) [John C. Bogle](https://sms4smile.com/quotes/author/john-c-bogle/) > [The average hedge fund manager is going to earn zero per cent in extra return.](https://sms4smile.com/quotes/john-c-bogle/the-average-hedge-fund-manager-is-going-to-earn-zero-per-cent-in/) [John C. Bogle](https://sms4smile.com/quotes/author/john-c-bogle/) [Explore all 179 John C. Bogle quotes ](https://sms4smile.com/quotes/author/john-c-bogle/) ## More Consumer quotes > [One of the Internet's highest-profile companies, Priceline once dreamed of transforming the way consumer goods are bought and sold by offering customers the chance…](https://sms4smile.com/quotes/alex-berenson/one-of-the-internet-s-highest-profile-companies-priceline-once/) [Alex Berenson](https://sms4smile.com/quotes/author/alex-berenson/) > [At age 28, I had no retail experience, no consumer marketing experience and no real Internet experience. But I decided I wanted to work…](https://sms4smile.com/quotes/mariam-naficy/at-age-28-i-had-no-retail-experience-no-consumer-marketing-experience/) [Mariam Naficy](https://sms4smile.com/quotes/author/mariam-naficy/) > [Women now influence the majority of consumer purchases. It is women's votes that will secure victory at the next election, hence the altogether delicious…](https://sms4smile.com/quotes/allison-pearson/women-now-influence-the-majority-of-consumer-purchases-it-is-women-s/) [Allison Pearson](https://sms4smile.com/quotes/author/allison-pearson/) > [A brand is no longer what we tell the consumer it is it is what consumers tell each other it is. - Scott Cook,…](https://sms4smile.com/quotes/scott-cook/a-brand-is-no-longer-what-we-tell-the-consumer-it-is-it-is-what/) [Scott Cook](https://sms4smile.com/quotes/author/scott-cook/) > [All of my work is meant to evoke a whole bunch of different layers of discord between the attraction and repulsion that we feel…](https://sms4smile.com/quotes/chris-jordan/all-of-my-work-is-meant-to-evoke-a-whole-bunch-of-different-layers-of/) [Chris Jordan](https://sms4smile.com/quotes/author/chris-jordan/) > [“For their never-ending endeavours to obtain or retain wealth, countries desperately need companies, because they—unlike most human beings—have the means of production, and human…](https://sms4smile.com/quotes/mokokoma-mokhonoana/for-their-never-ending-endeavours-to-obtain-or-retain-wealth/) [Mokokoma Mokhonoana](https://sms4smile.com/quotes/author/mokokoma-mokhonoana/) > [When I put on my consumer hat, and I'm buying tickets to be entertained, I'm not interested in seeing, like, 'Don Quixote.' Unless someone…](https://sms4smile.com/quotes/justin-peck/when-i-put-on-my-consumer-hat-and-i-m-buying-tickets-to-be/) [Justin Peck](https://sms4smile.com/quotes/author/justin-peck/) > [The pharma pricing system was not built on the idea of consumer engagement. It was built... on market efficiencies. It was not built on…](https://sms4smile.com/quotes/heather-bresch/the-pharma-pricing-system-was-not-built-on-the-idea-of-consumer/) [Heather Bresch](https://sms4smile.com/quotes/author/heather-bresch/) > [“We consumer and become exactly what we create. In all times.”](https://sms4smile.com/quotes/lidia-yuknavitch/we-consumer-and-become-exactly-what-we-create-in-all-times/) [Lidia Yuknavitch](https://sms4smile.com/quotes/author/lidia-yuknavitch/) > [The broken consumer credit market had to be repaired by making sure that consumers had the right information and could use it effectively. That…](https://sms4smile.com/quotes/elizabeth-warren/the-broken-consumer-credit-market-had-to-be-repaired-by-making-sure/) [Elizabeth Warren](https://sms4smile.com/quotes/author/elizabeth-warren/) > [I'm caught up probably just as much in the consumer culture as the next person.](https://sms4smile.com/quotes/michael-moore/i-m-caught-up-probably-just-as-much-in-the-consumer-culture-as-the/) [Michael Moore](https://sms4smile.com/quotes/author/michael-moore/) > [Computing shows up in many different ways. You have computing that you wear, computing that you carry. What you think of as the traditional…](https://sms4smile.com/quotes/michael-dell/computing-shows-up-in-many-different-ways-you-have-computing-that-you/) [Michael Dell](https://sms4smile.com/quotes/author/michael-dell/) > [The problem is that the global arms trade is entirely free of international regulation. In a world in which the flow of consumer goods…](https://sms4smile.com/quotes/hilary-benn/the-problem-is-that-the-global-arms-trade-is-entirely-free-of/) [Hilary Benn](https://sms4smile.com/quotes/author/hilary-benn/) > [With every decisions we make, the last question we ask is what does the consumer think of this.](https://sms4smile.com/quotes/niall-fitzgerald/with-every-decisions-we-make-the-last-question-we-ask-is-what-does/) [Niall FitzGerald](https://sms4smile.com/quotes/author/niall-fitzgerald/) > [The Dabo people are consumer marketing geniuses. This is exactly why we acquired them.](https://sms4smile.com/quotes/richard-edelman/the-dabo-people-are-consumer-marketing-geniuses-this-is-exactly-why/) [Richard Edelman](https://sms4smile.com/quotes/author/richard-edelman/) [Browse all 475 Consumer quotes ](https://sms4smile.com/quotes/about/consumer/) ```json { "@context": "https://schema.org", "@graph": [ { "@type": "Quotation", "text": "We have moved from treating funds as investment trusts designed to serve their owner-beneficiaries to treating funds as consumer products, designed to attract the largest possible assets. This new approach has ill-served the interests of fund shareholders.", "creator": { "@type": "Person", "name": "John C. 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