Discusses one of the ironies of the indexation phenomenon: while a basic assumption is that past returns are not indicative of future returns, back-testing is a standard step in the development of indexed products. Reviews the risks of a short sale in bonds given the current, shrinking inventory of bonds, considers the potential impact on bonds from rising interest rates, and discusses ETF fees and flows. Featured companies: iShares Core S&P 500 ETF (IVV), iShares Micro-Cap ETF (IWC), Royce Micro-Cap Trust Inc. (RMT), Permian Basin Royalty Trust (PBT) & iPath S&P GSCI Crude Oil Total Return Index ETN (OIL), Market Vectors Junior Gold Miners ETF (GDXJ) & Market Vectors Gold, Miners ETF (GDX), Fairholme Fund (FAIRX) & iShares Core S&P 500 ETF (IVV), MoneyGram international Inc. (MGI).

Download: Devil’s Advocate Report Compendium March 2015