Postcards - 1993 - Part Six - The Decision that Handed BlackRock, Vanguard, and State Street Way Too Much Power

The debate over passive investing has been VERY hostile for 30 years - but there's no doubt that ETFs have reached a point of unintended consequences. What comes next is what's more troubling.

Dear Fellow Investor:

Two exchange-traded funds (ETFs) capture most of my attention each trading day...

Our Equity Strength Signals are largely based on the momentum oscillators surrounding the SPDR S&P 500 ETF (SPY) and the iShares Russell 2000 ETF (IWM) and the flow of stocks and capital in those underlying indices.

The SPY has been around for 30 year…