Speculative Mania Or ‘Unprecedented Bearishness’? The Strange Case Of The US Retail Investor

"Since June, investors started withdrawing their cash from government money funds consistent with the idea that some of the previously accumulated liquidity due to risk reduction has started being deployed into non-cash assets such as bonds and equities", JPMorgan's Nikolaos Panigirtzoglou writes, in the latest edition of the bank's popular Flows & Liquidity series. I touched on this Monday, in the context of the ubiquitous "sideline cash" argument for why it still makes sense to harbor a c