There’s a panic on Wall Street that’s unlike any other: those episodes of sudden widespread fear and credit contraction. It’s a reverse panic, in a way, because investors are buying stocks with unprecedented passion. Previous records of inflows have gone out the window. 

Equity inflows are about $580 billion so far this year, following outflows of $246 billion and $187 billion in 2019 and 2020, respectively. If inflows continue at this pace, US equities will take in more money in 2021 than in the previous twenty years combined.

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