'ETF's would only work in concentrated, small asset classes such as Australian property, or fixed income' So says a man whose livelyhood relies on investors not buying ETF or index products. Johny.
Unfortunately in aggregate active manager's track records just don't support this statement. I also expect that with time, increased capital and competition in the index ETF market will reduce costs and will further diminish the attractiveness of high cost, actively managed funds. This thought definitely crossed my mind as well.
