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: âExchange-traded funds are âweapons of mass destructionâ that have distorted stock prices and created the potential for a market selloff.â
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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