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From Cliff's link:

Mutual fund investors were big sellers in the first quarter because of waning interest in equities -- and they will be even bigger sellers in the second quarter, Johnson said.

I have a fair chunk of my change in TIAA-CREF, which offers a variety of funds. Early last week I called in to shift the bulk into a bond fund rather than the fifty fifty I had, and for the first time in 12 years, the advisor on the other end of the line said, "Are you sure you want to do that?" TIAA-CREF is a huge fund, so I asked if there were a lot of people pulling now, and she told me that it was very busy. "More than the fund can carry?," I asked? "The most activity I've seen," she said.

That was 10% ago.

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