Michael Steinhardt: ETFs Not The Issue
Michael Steinhardt, Chairman of Wisdom Tree Investments was just on CNBC with David Faber, and he said that ETFs as a whole are not the problem with the markets.
ETFs have had the best returns recently, better than mutual funds, and are not the problems with the markets. There might be a problem with leveraged ETFs, and there are ways regulators can deal with that.
Steinhardt suggested that regulators could lower the leverage, or regulate it by volume. However, ETFs as a whole, are not the issue.
Steinhardt was one of the most successful hedge fund managers of all time, having returned nearly 24% per annum until Steinhardt Partners LP was closed.
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