A $2 Trillion Year For Cash?

There's been no capitulation in aggregate equities flows. So far in 2023, stock-focused ETFs and mutual funds have collected a net $15.8 billion ($73 billion into ETFs and $57 billion out of mutual funds), according to the latest update from EPFR. That's a paltry sum, to be sure. But it does underscore the notion that despite a lingering sense of angst tied to any number of macro and geopolitical risks, there's been no wholesale abandonment of stocks. You can slice and dice the data to paint