>Further, even if you invest in broad market ETFs you're still picking winners. What you're not doing is provide capital to companies or contribute to the info

>Further, even if you invest in broad market ETFs you're still picking winners. What you're not doing is provide capital to companies or contribute to the information processing that makes markets efficient (at least not very much). Crucially, bank loans (as well as IPOs, rights issues and bond issues) provide capital. Trading existing stocks doesn't. So when it comes to capital allocation, you're not picking winners and losers by buying an index ETF, because no capital is created at all.