I agree and think the author doesn't provide a very critical look at the issue. For one, he relies heavily on the expertise of a bank which is threatened by ET

I agree and think the author doesn't provide a very critical look at the issue. For one, he relies heavily on the expertise of a bank which is threatened by ETFs because it makes money in part by executing trading strategies to wealthy clients - very generally speaking, the more complex/active the trading, the more money the bank makes. Not that the Goldman guy is wrong, but the author should have acknowledged this conflict. Also the idea that somehow the average person picking stocks can help make market efficient seems like a big stretch. It's really really hard to determine a fair price to pay for a stock. And anyway, there's an ENORMOUS amount of brainpower that already goes into outsmarting the rest of the market - probably more than ever - and it's that smart money that sets the price, for the most part.