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Are Carl Icahn, Howard Marks, And Heisenberg All Wrong About ETFs?
If there has ever been a moment where we're tempted to apply the "famous last words" label, then surely this is it.
Regular readers will recall "What Happens When You Have To Play That Piano Drunk? Or, The Most Absurd Thing I Heard All Day." In that post, we explained how ETF providers seem to be mistaking the problem (no trading in the underlying securities that underpin ETFs) for the solution (greater liquidity).
To be sure, we are not ETF providers and we are not APs. We do not participate
