Hi i am new to the strawman as of yesterday and look forward to the next 12 months. My question/rambling is not about ASX the Stock but ETF's (sorry first post so not sure if I'm doing this right). Now a lot of smart people are saying index tracking ETF's don't distort the market, which i am not so sure of. eg Banks at Record highs, WES at high valuations and continuing, JB Hi fi at a massive premium. My view is that if they are required to meet the index by buying the firms in there and are prepared to pay the price (any price) then how are they looking at valuations of the company? The prices just keep going up with the occasional minor pullback. They certainly can't keep going like this, so how does it all end? Not well i think or is it just a ponzi that will keep going as the cash keeps flooding in? Interested in others views.