Alpha betting

摘要

It has never been easier to pay less to invest. No fewer than 136 exchange-traded funds (etfs) were launche d in the first half of 2006, more than in the whole of 2005. For those who believe in efficient markets, this represents a triumph. etfs are quoted securities that track a particular index, for a fee that is normally just a fraction of a percentage point. They enable investors to assemble a low-cost portfolio covering a wide range of assets from international equities, through government and corporate bonds, to commodities. Morgan Stanley estimates that etfs control some $487 billion of assets, up 16.7% from a year ago. It predicts they will have $2 trillion of assets by 2011. No longer must investors be at the mercy of error-prone and expensive fund managers.