You’re right, Jim: These ETFs are providing price discovery and testing all those mythical investment claims you here about.
Matt—I read that header on buybacks and said, "Ho hum, that Hougan really has a thing about these buybacks." But your illustration is really interesting, and shows how ETFs can act as a window on markets.
Buybacks are supposed to make us feel all warm and fluffy about companies. "See?" we are supposed to think. "Management believes in the stock." But why are the companies doing these buybacks underperforming the market?
And I mean "the other DFA" in the tone of the famous "Pork—the Other White Meat" commercials. I had dinner with Rob Arnott last night, and no surprise, he had some things to say. We ate beef, by the way.
Browsing the IU.com news, the attention-grabber is clearly DFA's new R Shares. Is the indexing-ish enigma finally pushing out into the wider world? Where are those DFA ETFs anyway?
Jim: This must be a first. I agree with almost everything you say in your blog…