“Since the liquidity and daily trading volume of some of the
largest ETFs now exceed the liquidity of the stocks that comprise the index,
this phenomenon has reached a critical point: indexes, which are meant to
measure the performance of, and provide exposure to, groups of stocks, have
come to distort the prices of the stocks they are meant to measure – one of the
great sorts of ironies that arise from bubble behavior.” –Horizon
Kinetics, Q4 2011 Commentary
