Since the start of 2008, U.S. equity mutual funds have experienced total net outflows of more than $360 billion. In only one of these years, 2013, were net flows to equity mutual funds positive, according to the Investment Company Institute (ICI).
This data would be an omen for the U.S. stock market, except for the fact that these have been years of explosive growth in exchange-traded funds (ETFs).
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