Why ETFs Are Inherently Anti-Value – The Passenger

Why ETFs Are Inherently Anti-Value – The Passenger by Dave Iben, Kopernik Global Investors “Oh, the passenger How, how he rides Oh, the passenger He rides and he rides He looks through his window What does he see? He sees the sign and hollow sky He sees the stars come out tonight” — Iggy Pop Was Iggy referring to drugs or had he anticipated the beauty of ETFs circa 2016? Reviewers suggest that ‘he sees how wonderful everything is once he relinquishes control, becomes the passenger instead of the driver.’ Longtime readers know that I have a proclivity to view…