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.
This is a much happi
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