ETFs, Earnings Drift, and the Myth of Market Fairness
Every reporting season, we see the same pattern. A major company posts weaker-than-expected results, and its value plunges; the media quickly blames exchange-traded funds (ETFs) for the turmoil. The argument runs that passive investing has “broken” market discovery. It sounds neat, but it oversimplifies a complex reality. Unfortunately, this is the case with this piece…
















