Klarman: ETFs Are Dangerous But A Boon Value Investors

Seth Klarman in his 2016 letter has some choice words regarding ETFs Wall Street has seen its fair share of controversial investments throughout its history, but one of most controversial, yet popular products has to be the ETF. Despite numerous warnings from some of the world’s most renowned investors, ETFs continue to attract record levels of investor cash. Last year, investors added a total of $282 billion to ETFs, a record figure, surpassing the previous annual all-time high of $244 billion set in 2014. Baupost Group Attacks Hedge Funds As Monolithic Look-Alikes As investors gobbled up ETFs last year, they…