ETFs causing Emerging Market Bubble?

Wall Street Journal article says investors put in $15B into emerging market funds through ETFs this year. "Several hedge-fund managers and other active stockpickers have told me that this "mindless money" is distorting valuations and pumping up a potentially monstrous bubble." "Consider Brazil. The iShares MSCI Brazil Index ETF has nearly tripled in size over the past 12 months. Now at $10.9 billion in assets, it has vacuumed up $2 billion in new money this year. Fully 38% of the fund is invested in only two firms: oil giant PetroBras and mining company Vale do Rio Doce".