not necessarily, I often feel the same way about people who are experts in literature. But just mastering SOME topics is still a contribution to humanity and can be applied in other areas.
ETFs are a broad topic. They still bring liquidity to market, but they are a trading vs. investment opportunity. Like any other financial vehicle, they are subject to abuse, but are not the cause of such actions. The FED purchases numerous bonds in some of these portfolios, and therefore some of the costs are hidden. These do not reveal themselves in the market, and as such are bad trades or investments.
I wasn't saying that ETF's contribute to humanity, I meant the non-financial research that Ph.D's do prior to wall street. That research adds up and eventually people can apply it to do amazing things.
