What Bogle did for investing was to create a new ownership structure whereby mutual fund shareholders would own a portion of the funds in which they invested. These funds themselves were originally investment companies that turned their investors into indirect owners, in other words, indirect investors.

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Many economists and markets consider this type of fund an interesting innovation, so much so that Paul Samuelson, winner of the Nobel Prize in Economics in 1970, ranks it along with Gutenberg's invention of the wheel, the alphabet and the printing press.
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