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"The advantage of active management is you have someone really doing the selection," says Coffelt, whose fund is the Empiric Core Equity Fund , rated two stars by Morningstar. "To know what sector to go into and to choose that sector just based on price momentum over some period — ultimately that is going to prove to be pretty dangerous."
But for whatever weaknesses they may have, ETFs are likely to continue to be a popular investing tool and a key to determining market direction.
"Some of the commentary surrounding these products has made them sound like the hoof beats which precede the Four Horsemen of the Apocalypse," said Nicholas Colas, chief market strategist at ConvergEx in New York. "But for 2012, you can just as accurately call them the most visible source of capital to help U.S. stocks and other risk assets higher."
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