Charles H. Dow’s view on the role of shareholders
"...some managers look upon the properties which they manage as their own and upon the information which comes to them as personal perquisites, and disregard altogether the fact that they may be merely operating the property for the real owners (Dow, Charles H. Wall Street Journal. Review and Outlook. March 27, 1900)."
Who was Charles H. Dow?
“Charles Henry Dow was an American journalist who co-founded Dow Jones & Company with Edward Jones and Charles Bergstresser. Dow also founded The Wall Street Journal, which has become one of the most respected financial publications in the world. He also invented the Dow Jones Industrial Average as part of his research into market movements. He developed a series of principles for understanding and analyzing market behavior which later became known as Dow theory, the groundwork for technical analysis (source: Wikipedia.org).”