Markets are very Darwinian, with a tendency to deliver an outcome that would not just make a greater fool of the investing majority, but also induce humility in even its most successful and confident students.

After being fooled in March, investors are sitting out this equity rally. Four of the five largest weekly inflows by institutional investors to money market funds have come since March 18, when stocks bottomed. As the old adage goes, “Fool me once, shame on you; fool me twice, shame on me.”

Total assets parked in money market funds increased to $4.7 trillion as of April 30. That’s the highest amount ever, nearly $500 billion more than the level of assets recorded a month ago.

Barron’s latest Big Money Poll noted managers are “anxious” about the near term


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