When he first sat down with Grant Williams in 2017 in a series called "The Dark Side of ETFs," Steven Bregman, president and director of research at Horizon Kinetics, dissected the problematic consequences of passive investing and the potential bubble that has since only grown. In 2020, he has not changed his tune. Ultimately, Bregman and Michael Green debate the risks and fallacies of a market dynamic, which Bregman argues presents incredible opportunity for investors willing to risk crossing the ETF divide. Filmed on January 20, 2020 in New York.