I think kkent’s point is that if you have a macro view on an asset class, it’s nice to have ETFs and MFs as ways to implement the asset class view without having to dig into the financial statements of twenty different companies to make sure you’ve diversified. Sure, there’s been analysis to choose gold over copper, but it’s not the same level of tedium as trying to figure out whether the cash flow has been distorted by some special purpose vehicle or unfunded pension liabilities or something. By the way, would really like to learn how to do TAA well.
I agree whole heartedly with that.