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By the time you are the world’s biggest event in a fast-growing sub-segment of the financial industry, people pay attention.

That was certainly true of ETF.com’s Inside ETFs conference, from which I’ve just returned.

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There were a number of key takeaways.

One is that while everyone loves to worry — it makes them look seasoned, frugal, and smart — frequently that worry is misplaced.

Professor Jeremy Siegel did an excellent job of debunking the power of Shiller’s CAPE Ratio, which puts the P/E ratio in the context of the previous ten years and which has shows U.S. markets in above- average territory.

Siegel’s conclusion was that no, U.S. markets aren’t widely overpriced.

Another important lesson was that emerging markets may or may not emerge. The quote to remember on this subject: “Emerging markets are markets you can’t emerge from in an emergency.”