# USA: Where was the money invested?



## drillinto (13 April 2007)

AMG Data Services
Independent Data on Fund Flows & Holdings (Week ended April 11) 

Equity Fund Inflows $42 Mil; Taxable Bond Fund Inflows $1.6 Bil
xETFs - Equity Fund Inflows $1.1 Bil; Taxable Bond Fund Inflows $1.3 Bil

Including ETF activity, Equity funds report net cash inflows totaling $42 million in the week ended 4/11/07 with Domestic funds reporting net outflows of -$2.229 billion and Non-domestic funds reporting net inflows of $2.271 billion; 

Excluding ETF activity, Equity funds report net cash inflows totaling $1.122 billion with domestic funds reporting net inflows of $120 million and Non-domestic funds reporting net inflows totaling $1.003 billion; 

Exchange Traded (Equity) funds report net outflows of -$1.080 billion with the largest flows: 
-$1.597 Bil from the DIAMONDS fund;
-$706 Mil from the iShares Russell 2000 Index fund; 

Excluding ETF activity International funds report net inflows of $881 million with net inflows reported in all Emerging and Developed regions except Japan (-$9 Mil); 

Excluding ETF activity Taxable Bond funds report net inflows totaling $1.262 billion with net inflows reported in all sectors except High Yield Corporate Bond funds (-$83 Mil) and Government Bond funds investing in Mortgage-backed securities (-$82 Mil); 

Money Market funds report net cash inflows totaling $14.082 billion; 

Municipal Bond funds report net cash inflows of $15 million.


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## CanOz (13 April 2007)

*Re: USA: Where was the money invested*



drillinto said:


> AMG Data Services
> Independent Data on Fund Flows & Holdings (Week ended April 11)
> 
> Equity Fund Inflows $42 Mil; Taxable Bond Fund Inflows $1.6 Bil
> ...




Struth! Someone want to translate it? It sounds like all the smart is getting out of US equities and into bonds.

Fundemental reasons to short Wall St...I like it!

Cheers,


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## drillinto (17 April 2007)

*Re: USA: Where was the money invested*

Canaussieuck + others: It may interest you ==> www.amgdata.com


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## drillinto (20 April 2007)

*Re: USA: Where was the money invested*

Data on fund flows and holdings (Week ended April 18)
Source: www.amgdata.com


Equity Fund Inflows $5.5 Bil; Taxable Bond Fund Inflows $1.5 Bil
xETFs - Equity Fund Inflows $2.7 Bil; Taxable Bond Fund Inflows $1.4 Bil
04/18/2007

Including ETF activity, Equity funds report net cash inflows totaling $5.491 billion in the week ended 4/18/07 with Domestic funds reporting net inflows of $2.056 billion and Non-domestic funds reporting net inflows of $3.436 billion; 

Excluding ETF activity, Equity funds report net cash inflows totaling $2.691 billion with domestic funds reporting net inflows of $1.359 billion and Non-domestic funds reporting net inflows totaling $1.332 billion; 

Exchange Traded (Equity) funds report net inflows of $2.800 billion with the largest flows: 
-$2.640 Bil from the SPDR Tr Series I fund;
$1.252 Bil to the iShares Russell 2000 Index fund;
$763 Mil to the iShares MSCI EAFE Index fund;
$642 Mil to the iShares DJ US RealEstate Index fund; 

Excluding ETF activity International funds report net inflows of $1.222 billion as net inflows are reported in all Emerging and Developed regions except Japan (-$13 Mil); 

Excluding ETF activity Taxable Bond funds report net inflows totaling $1.443 billion as all sectors report net inflows except Government Bond funds; 

Money Market funds report net cash outflows totaling -$25.487 billion; 

Municipal Bond funds report net cash inflows of $160 million.


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## drillinto (12 May 2007)

*Re: USA: Where was the money invested*

Monthly Equity Fund Inflows

April Equity Fund Inflows $15.3 Bil[+5.51%];Taxable Bond Fund Inflows $19.4 Bil[+8.98%]
xETFs Equity Fund Inflows $14.5 Bil; Taxable Bond Fund Inflows $17.8 Bil

March Equity Fund Inflows $14.4 Bil; Taxable Bond Fund Inflows $17.8 Bil
xETFs Equity Fund Inflows $9.5 Bil; Taxable Bond Fund Inflows $16.0 Bil


Source: www.amgdata.com


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## drillinto (31 May 2007)

*Re: USA: Where was the money invested*

Inflow to Stock Funds Jumped in April

http://www.investors.com/editorial/IBDArticles.asp?artsec=19&issue=20070530&view=1


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## drillinto (25 June 2007)

*Re: USA: Where was the money invested*

Keep an eye on where was the money invested

http://www.amgdata.com/


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## drillinto (3 July 2007)

*Re: USA: Where was the money invested*

EWA, the Australian ETF, is doing pretty good 

http://bespokeinvest.typepad.com/bespoke/2007/07/country-etfs-mo.html


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## drillinto (16 July 2007)

*Re: USA: Where was the money invested*

US: Large caps leading small caps

http://bespokeinvest.typepad.com/bespoke/2007/07/52-week-highs-l.html


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## drillinto (17 July 2007)

*Re: USA: Where was the money invested*

Brian Wesbury(USA) says: "...any downdrafts should be viewed as buying opportunities."

http://www.ftportfolios.com/Commentary/EconomicResearch/2007/7/16/Dow_14,500


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## drillinto (22 July 2007)

*Re: USA: Where was the money invested*

The ETF Australia(EWA) had a good performance last week

http://bespokeinvest.typepad.com/bespoke/2007/07/todays-key-et-1.html


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## drillinto (23 July 2007)

*Re: USA: Where was the money invested*

What's Hot - and Not

http://bigpicture.typepad.com/photos/uncategorized/2007/07/21/hotnot_20070720183559.gif


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## drillinto (23 July 2007)

*Re: USA: Where was the money invested*

Global LT Interest Rates

http://bespokeinvest.typepad.com/bespoke/2007/07/global-long-ter.html


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## drillinto (25 July 2007)

*Re: USA: Where was the money invested*

Foreign investors go long equities

http://online.wsj.com/article/SB118523825903875664.html?mod=dist_smartbrief


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## drillinto (22 August 2007)

*Re: USA: Where was the money invested*

US: Where did the money flow, last week

http://www.amgdata.com/newsline.php?id=1552


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## drillinto (12 September 2007)

*Re: USA: Where was the money invested*

Daily, Week and Month Money Flows: Sector Overview


http://online.wsj.com/mdc/public/page/2_3022-mfsctrscan.html?mod=topnav_2_3000


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## drillinto (27 September 2007)

*Re: USA: Where was the money invested*

Honey they shrunk the deal flow
**********************

Deals: How Low Can You Go?
In our M&A Roundup for the week ended Sept. 16, the $3.36 billion total is the weakest of the year so far.
By Roy Harris ==> www.CFO.com
September 18, 2007

After gradually slipping over the past two-and-a-half months, with occasional flurries of big-deal excitement, last week's quiet merger-and-acquisition market officially left the stratospheric first half behind. The 36 deals with a total value of $3.36 billion were a new low for the year.

Only one deal ”” BreitBurn Energy Partners LP's agreement to buy some assets from Quicksilver Resources Inc. ”” topped the billion-dollar mark in the week ended Sept. 16. And half the top 10 North American deals were valued at less than $300 million, according to data provided to CFO.com by mergermarket .

In the private equity realm, the top reported deal was Platinum Equity LLP's $500-million purchase of the auto-glass business of PPG Industries.

Year-to-date dealmaking remained stalled at $1.33 trillion.The value of deals at this time in 2006 was $1.04 trillion. Last week, the 52 deals reported amounted to a total value of $9.46 billion, up from $5.52 billion in the week ended Sept. 2, the year's previous weekly low.

BreitBurn Energy Partners LP to buy Michigan, Indiana, and Kentucky assets of Quicksilver Resources Inc. for $1.45 billion 
Los Angeles-based BreitBurn, an oil and gas company, agreed to pay cash and stock for all the natural gas, oil, and midstream assets in the three states from Fort Worth, Texas-based Quicksilver Resources Inc. Terms call for BreitBurn will pay $750 million in cash, with the rest payable in 21.348 million BreitBurn’s shares, at $32.79 a share. BreitBurn reserved the right to increase the cash portion of the total consideration paid and reduce the number of common units issued at closing. The sale, expected to close in November, includes 5,400 producing wells and related gas-gathering and processing systems. Net production from the properties was about 75.4 million cubic feet of natural gas equivalents in the first half. The sale is in line with Quicksilver’s objectives of realizing value for mature assets. BreitBurn also executed a unit purchase agreement for a private placement of $450 million in equity securities, consisting of 16.67 million common units, with a group of 23 institutional investors. br> Seller financial advisor: JPMorgan
Bidder financial advisor: Credit Suisse
Seller legal advisor: Fulbright and Jaworski
Bidder legal advisor: Vinson & Elkins; Latham & Watkins


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## drillinto (17 November 2007)

*Re: USA: Where was the money invested*

Goldman Economist: $2 Trillion Hit?

Tim Hanrahan | WSJ.com | November 16, 2007 

Jan Hatzius, chief economist at [US]Goldman Sachs, made waves today with a note released last night that put possible credit losses from mortgage defaults at $2 trillion, due to leverage. Hatzius’s analysis have drawn attention before: back in March 2006, Hatzius said U.S. housing was overvalued by about 20%, based on historical relationships between monthly mortgage payments and median household incomes.

Here are highlights from Thursday’s note:
“Estimates of the likely credit losses on outstanding mortgages have grown sharply in recent months. A back-of-the-envelope calculation using past default experience in different home price environments now suggests losses of around $400 billion. … [O]ne sometimes hears that it is just equivalent to one bad day in the stock market. But this analogy is wrong.”

“_f leveraged investors see $200 billion of the $400 billion aggregate credit loss, they might need to scale back their lending by $2 trillion. … This is a large shock. It corresponds to 7% of the total debt owed by US nonfinancial sectors (households, nonfinancial companies, and government).”

“Our conclusion is that the likely mortgage credit losses pose a significantly bigger macroeconomic risk than generally recognized.€_


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## drillinto (22 November 2007)

*Re: USA: Where was the money invested*

Short interview with Brian Wesbury, the top US inflation hawk:

http://www.pbs.org/nbr/site/onair/gharib/071120_gharib/


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## ithatheekret (29 December 2007)

*Re: USA: Where was the money invested*

CDOs and SIVs would be a good guess .......

but ........ we can be sure it wasn't in Sudan , US sanctions have been in place there for yonks , their market has seen over 10% growth over the latest year ........

What is not in the news is that the Sudanese Central bank will only deal in Euros from Jan 1st and has advised all commercial banks to do so as well . 

They've got oil and gas , so they are more than likely on the invasion , I mean takeover list for starters . This slap will be sure to get up the US admins nose and will land them a label , something like the axis of weasels . 


Good buddies with China too , who imports the majority of the oil extracted , close to two thirds I believe , with the rest going to Asian areas etc. , they don't need the US consumer .

Whatever we may drag out of it , we can summise that this culture is growing and it would have to shed some new light on the Euro once again , so we can expect a brawl in the Euro ring .


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## ithatheekret (8 January 2008)

*Re: USA: Where was the money invested*

The chips indexes have copped a battering ( the Philsemi is scary ) , I can remember the chip plugs all last year , must be where they had the money too , apart from airlines and sophisticated junk . Last night all the Bio's started moving on the US board , didn't know what to make of it until I heard there was a bioconference in California , a bit like the Diggers I suppose .


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## drillinto (7 March 2008)

*Re: USA: Where was the money invested*

Top 100 stocks owned by investment clubs in America

http://www.betterinvesting.org/NR/rdonlyres/CBF1A648-7BDB-4E04-B558-DC15E1799D46/0/Top100.pdf


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## drillinto (15 January 2009)

*Re: USA: Where was the money invested*

Cash keeps pouring into US money funds

http://www.financialweek.com/apps/pbcs.dll/article?AID=/20090112/REG/901129973/1036


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## drillinto (17 October 2009)

*Re: USA: Where was the money invested*

8 INVESTMENT THEMES FROM WALL STREET’S TOP BANK

15 October 2009 by TPC >> http://pragcap.com/wall-sts-best-ban


Goldman Sachs is widely heralded as Wall Street’s top bank, but I believe there is little doubt that Goldman could have survived the financial crisis without substantial government aid and help from people in high places.   As yesterday’s earnings from JP Morgan proved, we might just have a new top dog in the world of Wall Street.  JP Morgan not only handled the financial crisis remarkably well, but continues to thrive in a tough business environment.

Their outstanding performance over the last 18 months was not due to sheer luck.  After all, they have some of the brightest minds on Wall Street strategizing on the bank’s every move.  After navigating the reflation trade and the recovery with precision they are now changing their tune and diversifying a bit as the reflation trade gets a bit “crowded”.  The following 8 themes are JP Morgan’s favorites for the coming year:

1)  Asset reflation. Cash is the most expensive asset in the world, and the main reason to hold it, which is uncertainty, is fading. The flow out of cash is lifting all other asset prices globally. This will end only when G-3 central banks start hiking or investors have become underweight cash.  We are far from either.

2) G-3 disinflation. A massive output gap will push core inflation rates down in the US, Japan, and Europe. This should keep G-3 central banks on hold through next year. Long-term inflation expectations should fall, supporting bonds and flattening curves, but depressing commodities. This is not a negative for equities as we expect profit margins to be maintained.

3)  Policy normalization outside the G-3. Economies on the global periphery are closer to full capacity, and are thus likely to normalize monetary policy rates earlier. Think of Australia, Korea, Czech, Norway, and Brazil. This will benefit their currencies, but hurt their bond markets. It should be neutral for their equity markets.

4)  The new EM trade. Emerging economies are exiting the crisis relatively unscathed and with improved economic, financial, and fiscal positions versus developed economies. This means medium-term outperformance of their equities, currencies, and credit. Near term, it means their local debt will likely
underperform, except for the highest-yielding markets, which should benefit from the search for yield. With much of the EM growth impetus emanating from commodity-hungry China, this should be bullish for commodities.

5)  Banking revival. Markets are returning rapidly to normal and so are bank profits. Bank losses are not over, but we feel that we are about three-quarters through total cycle losses, with the remainder spread over the next five years. The main threat to bank earnings will eventually come from higher capital requirements. These will dilute bank earnings, but make bank debt even safer. This suggests overweighting bank debt, but underweighting bank stocks. The latter is probably somewhat premature as governments will take at least a year to decide how much these ratios should go up and will not impose changes before 2011.

6)  Carry and the search for yield. The steady fall in volatility, inflation risks, and yield levels are forcing institutional investors––in particular insurers and banks––to move out along the risk/return trade-off line in search of higher yields. Many insurers are in dire need of fixed income products with higher yields as they have a lot of liabilities that promise minimum payouts. This search for yield and carry is bullish for bonds and credit, and flattens yield curves. It is a negative for USD against better-yielding currencies, which are largely in EM.

7)  Death of the equity culture? Disappointing long-term equity returns, aging, and falling wealth are inducing US and European investors to depend less on equities as the mainstay of their retirement savings. Are they becoming like Japanese savers? Possibly, but there is one major force standing in the way of increased reliance on bonds to fund retirements: Yields on global bonds have fallen below 3%, requiring a massive increase in savings rates in order to meet pension needs solely with bonds (chart). We believe that ultimately the low value of bonds will trump the fear of equities and entice end investors back into stocks to fund their pensions.

8)  Balance sheets and delevering. Repairing balance sheets by improving liquidity, and making greater use of equity and long-dated debt funding will be with us for years. This implies continued high issuance of equity and long-dated debt. At this moment, this neatly matches the desire by investors to move out of low-return cash holdings, thus preventing a significant steepening of yield curves or losses on equities. Longer term, it implies that the risk premiums of bonds and equities over cash will stay higher than they have been over the past decades.

Source: JP Morgan


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## GumbyLearner (17 October 2009)

*Re: USA: Where was the money invested*

Where was your money invested? 

Don't mention superannuation.


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## nunthewiser (23 April 2010)

Sorry for dragging this thread up but found this bit of text rather enlightening when one looks at the big picture 



> When NASA first started sending up astronauts, they quickly discovered that ballpoint pens would not work in zero gravity. To combat the problem, NASA scientists spent a decade and $12 billion to develop a pen that writes in zero gravity, upside down, underwater, on almost any surface including glass and at temperature...s ranging from below freezing to 300 °C. The Russians used a pencil.




I do not know if factual or not but was sent to me and figured it was worth sharing.


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