Most pension funds aren't heavily invested in ETFs (or other mutual funds). They're usually large enough that it makes sense to invest directly in the underlyin

Most pension funds aren't heavily invested in ETFs (or other mutual funds). They're usually large enough that it makes sense to invest directly in the underlying securities. Everyone has a prediction about what will cause the next major financial panic. Personally I think it will be triggered by property and casualty insurers who have purchased a lot of bonds where the credit ratings don't accurately reflect the true default risk. But who knows, it could be something else.