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When the US stock market makes headlines for days on end, individual investors everywhere call their brokers and often make the wrong decision: to sell rather than take the chance.

But this is global news. So I suspect the first round of selling was investors in Europe and Asia. Many of them probably own Dow stocks or even Dow Index funds, because that is the easiest index of US stocks for unsophisticated investors to follow.

They sold their Dow stocks. But it would be interesting to learn if their money markets are in US dollers and treasuries or if they have a whole series of currency choices and money markets in each.

Of course the initial moves attracted much attention and resulted in a broader rout.
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