Exchange Traded Funds: Negative Returns?

Carl Richards doesn't think much of exchange traded funds. But his Bucks post sounds like a rave review compared to the slam John Bogle delivered in a 2011 journal article:

During the five years ended June 2010, ETF investors earned far less than the ETFs in which they invested by a truly remarkable cumulative total of 28 percentage points (average ETF, +15%; average ETF investor -13%), reaffirming an apparently enduring principle of mutual fund performance: Fund investors can be their own worst enemies. 

On the web and out in the real world, there are some who hope to teach investors to profit from ETFs. Could a buy-and-hold strategy catch on?

Related post: For Higher Returns, Fire Your Broker?