Investors Seen As Skittish on Risk Taking (Analysis) The Standard & Poor's 500 has lost more than 3.6 percent this month as buyers huddled on the sidelines. And an estimated $2.9 billion flowed out of U.S. equity funds as of Jan. 20, according to TrimTabs Investment Research Inc. That's a stark contrast to the $31.5 billion that flowed into domestic stock funds in January 2004. Jan 23, 2005, 11:48