Update: End-of-the-World Trade

How’s it going so far? I’ve saved about three dozen atrociously allocated retirement portfolios in the last few years where gold holdings out-weighed productive assets (like stocks and bonds) by 2-to-1 or more. I’ve taken accounts away from every single hyper-inflationist and deflationist celebrity doomer you can name.  I consider it my sacred duty to…

Private Clients are Buying While Hedge Funds Sell

Right now there’s a bit of a tug-o-war between what private clients and what hedge funds are doing about the recent patch of volatility we’ve seen in the stock market. Savita Subramanian’s quantitative research group at Bank of America Merrill Lynch does a really great job with their weekly equity flow reports.  The firm breaks…