Fund shareholders typically don’t show up to the shareholder meetings of the fund’s underlying holdings and don’t vote because the fund itself is the shareholde

Fund shareholders typically don’t show up to the shareholder meetings of the fund’s underlying holdings and don’t vote because the fund itself is the shareholder, rather than the fund’s shareholders. (If that makes sense...) So it did in a way keep the unsophisticated investors from exercising too much control but it did bring fund managers into the mix. Which is arguably worse. Hence BRK.B.