(Bloomberg) -- Exchange-traded funds are “weapons of massdestruction” that have distorted stock prices and created thepotential for a market selloff, according to the managers of theFPA Capital Fund.

“When the world decides that there is no need for fundamentalresearch and investors can just blindly purchase index funds andETFs without any regard to valuation, we say the time to be fearfulis now,” Arik Ahitov and Dennis Bryan, who run the $789 millionfund, said in an April 6 letter to investors.

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