Forget Liquidity

If, four years ago, you had asked me if I preferred index mutual funds or ETS as the investment vehicle of choice for a 401(k), I were snapped back quickly, ETFs. However, from my current perspective after three years as an academic, my response would be just as quickly, mutual funds. Why the change in heart? As a stockbroker, the greater liquidity of ETFs appealed to me, but, it appealed to me for all the wrong reasons. As a broker managing portfolios for clients, the ability to simply make...