“In a pitch to local pride, one promoter is trying to launch exchange-traded funds that track indexes of Texas and Oklahoma stocks. Granted, those states are in better financial shape than most, but in each case the ETF would be dominated by energy stocks. Why should anyone care whether a producer of oil and gas — which are, after all, commodities — hails from Dallas or Tulsa rather than Denver or Dubai,” Elizabeth Ody Reports From Kiplinger.
“Two years ago, a different money-management firm toyed with StateShares. It was the same kind of idea, but on a nationwide basis — that is, an ETF for each of the 50 states. It never came to fruition, and just as well: The wheels would have come off the Michigan fund. The New York portfolio would have gone the way of American International Group, Citigroup, Merrill Lynch and the rest of what used to be known as Wall Street. Good businesses just aren’t that local anymore,” Ody Reports.
Full Story: HERE
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