What are your thoughts on this?

[Hugo]

Does the widespread use of ETFs pose a threat to market efficiency and price discovery? If so, this could cause people to do less active stock research and more passive investing in general.

[Mark]

The widespread use of ETFs can improve market efficiency by incorporating macro information and providing liquidity. But increased passive investing could reduce the active stock research, which impacts the long-term responsiveness to fundamentals. The overall effect is still debatable.