Michael Steinhardt, Wall Street's Greatest Trader, Is Back -- And He's Reinventing Investing Again - Forbes: " . . . Exchange-traded funds typically charge lower fees and have tax-advantages over traditional mutual funds. They are also completely transparent: An obsessive-compulsive ETF investor can check his fund’s holdings daily, rather than quarterly, as is the norm for most mutual funds. This magic combination–cheaper with lower taxes and greater transparency (and often for the same underlying investment)–means that over time ETFs will eat the lunch of the $12.1 trillion (assets) mutual fund industry...." (read more at the link above)
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