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Interesting recent article on the bubble of index funds. Michael Burry who famously called the 2008 crash saying index funds are similar to CDOs in 2008


https://www.bloomberg.com/news/articles/2019-09-04/michael-burry-explains-why-index-funds-are-like-subprime-cdos

Burry, who made a fortune betting against CDOs before the crisis, said index fund inflows are now distorting prices for stocks and bonds in much the same way that CDO purchases did for subprime mortgages more than a decade ago. The flows will reverse at some point, he said, and “it will be ugly” when they do.

“Like most bubbles, the longer it goes on, the worse the crash will be,” said Burry, who oversees about $340 million at Scion Asset Management in Cupertino, California. One reason he likes small-cap value stocks: they tend to be under-represented in passive funds.

Add to this Ray Dalio calling for a market pullback, makes you wonder if this niche pro-Gay ETF is launching in the best environment.

Jack Bogle on the banality of niche ETFS: