ETFs aren't about to destroy investing world

A Bloomberg News article caught my attention last week. It cited the managers of FPA Capital Fund Inc., an actively managed equity fund, making the following assertion in their quarterly letter to investors: “Exchange-traded funds are ‘weapons of mass destruction’ that have distorted stock prices and created the potential for a market selloff.” Although I believe that statement is not only problematic but wrong, I read the complete missive from co-managers Arik Ahitov and Dennis Bryan. They say ...

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