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IT’S one of the great anomalies of our ownership society: shareholders own companies, but executives can easily slap them down. The hired help, in other words, holds the cards.

The owners of Cedar Fair L.P., a leisure and entertainment company in Sandusky, Ohio, have learned this the hard way. Cedar Fair owns 11 amusement parks, including Cedar Point in Sandusky, Dorney Park in Pennsylvania and Knott’s Berry Farm in California, as well as water parks and hotels. Last year, it generated almost $1 billion in revenue.

The company trades on the New York Stock Exchange under the happy symbol FUN. But its investors have not had much fun lately. From year-end 2005 through the end of 2010, Cedar Fair lagged behind the Standard & Poor’s 500-stock index, the S.& P. 400 and the S.& P. index of movie and entertainment companies.

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