"The staggering economies of scale that characterize money management have been largely arrogated by fund managers TO THEMSELVES, rather than shared with their fund shareholders," concludes Bogle [founder of Vanguard]. (My emphasis)
Or, as the great economist Paul Samuelson put it presciently in 1967 [! ! !], "I decided that there was only one place to make money in the mutual fund business -- as there is only one place for a temperate man to be in a saloon, behind the bar and not in front of the bar. And I invested in . . . [a] management company."