One Manager Warns: “Today’s Weapon Of Mass Destruction Is A 3-Letter Word: ETF”

Sour grapes. That's how a whole helluva lot of people are characterizing the cat calls from the active management community, which has recently turned up the volume on what amounts to a coordinated warning on the dangers posed by the rampant proliferation of ETFs and other low-cost, passively managed investment vehicles. To be sure, the sour grapes argument probably has some merit. Because you know, active managers like their outsized expense ratios. And when it comes to the "2 and 20" crowd