Chapter 2. The Multifaceted Stock Market: A Guide to Different Investment Styles

More than 185 ETFs are trading in the United States. Considering that most ETFs are low-margin businesses for their sponsors, why should there be so many? The answer, not surprisingly, is that a large number of investment objectives can be filled with ETFs. In medicine, when a condition has a multiplicity of treatments available, the implication is usually that no single treatment has demonstrated clearly superior results. The same is true in investing. If a strategy had a clearly superior record, nobody would invest using any other method. The fact that so many choices are available to the individual investor reflects that each investment strategy has its advantages ...

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