Take a look at this link: Yahoo! Finance - Beat the Market - The Top-Performing ETFs. It makes no sense to me, writes Roger Nusbaum.
It is a list of the top performing ETFs. I'm not sure what the time frame is. I could see people looking at this list and buying the Utilities HOLDRs (UTH) because it is number one. This is worse than buying the best open-ended fund (OEF) from last year.
Looking at the list is the same as looking in the rear view mirror. It is a window to what was working before.