Maintaining The ‘Moral Hazard Bid’

Not even bank runs (and bank collapses) are sufficient to compel equity investors to capitulate. That was one simplified way to read the latest weekly flows data, which found nearly $3 billion flowing into US stock funds, despite (or, dare I suggest, because of) all the money flowing out of a few besieged regional lenders. The $2.8 billion weekly haul came on the heels of a multi-week streak of outflows, which had pushed the YTD exodus from US equities to more than $40 billion. Overall, equ