Victor Haghani, former hedge fund manager and CIO of Elm Wealth, stated on CNBC's "ETF Edge" that retail investors are not significantly more sophisticated than three decades ago, often falling prey to biases like extrapolation. He advises them to opt for broad market index funds instead of trying to beat the market with individual stocks and complex ETFs, as they face competition from institutions spending billions on technology. Conversely, RBC Capital Markets' Valerie Grimba believes more choice is beneficial, suggesting sophisticated funds can play a strategic role in retail portfolios, provided investors understand their holdings and trade-offs.