"It's different this time" is always a sure way to start a loser of a theory, but I wonder if household America -- esp baby boomers closing in on retirement -- have said enough is enough with stocks. They realized Wall Street is largely geared towards separating the average investors from their money, through means fair and foul. Given that realization, they don't want to play any longer.
The kink in the theory is that money is piling into bond mutual funds. This suggests it isn't that people are adverse to investing, they are just adverse to (perceived) risk. That sort of aversion usually resolves itself.
I do wonder whether we're to the point where boomers are going to largely exit from equities...
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