An ETF for everything

2008 has been the year of the ETFs. They started out in 2007, and now there's an ETF for everything. Commodities, currencies, short, double short, financial short, real estate short, 2x financial short, short international, you name it-there's the right ETF "product" for you.

Invesco came out with a release today-Actively managed ETF.

What crap is Actively managed ETF anyway? The whole idea of an ETF is that some stupid manager doesn't tinker with it-so I know what it has-and changes are made slowly, announced. How is an actively managed different from an mutual fund? Oh oh, you can trade it intraday-is that it? But do we need this?

Let's see what the news release says.

They are "combining established active managers" (read-losers who have been losing money) and this is creating a "compelling new investment vehicle" (haven't we learned to stay away from compelling investment opportunities, compelling new products?).

The release says that Invesco is going to give the public "market-leading ideas" and the fund will invest "using quantitative and statistical metrics". What are they? There are no quantitative and statistical metrics in modern finance (there's no such thing as modern finance, just like there isn't any modern astrology). These high sounding words are designed to fool the public into thinking that these guys know something-but they dont. These sare slick salesman pretending to be scientisists, mathematicians, etc.

But you can't blame a salesman for selling a $2 item for $2000. The question is: Who buys this shit? The pension funds, mutual funds, corporate treasurers, wealthy investors, how many fools are there?