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Burton Malkiel Talks About Efficient Markets
In this video sponsored by Vanguard, Burton Malkiel, Princeton professor and author of "A Random Walk Down Wall Street," talks with RIJ editor Kerry Pechter about what "efficient market" means to him. The 10th edition of "A Random Walk" has just been published.
Industry Views are special reports that are sponsored and independent from RIJ's editorial content.
January 19, 2012, Research, News
Bond funds grow, stock funds shrink in 2011
Bond funds saw net inflows of $116 billion during 2011, while equity funds saw net outflows of $51 billion for the year, according to Strategic Insight.
Fund investors withdrew an estimated net $22 billion from stock and bond mutual funds in the US in December. Net outflows from long-term mutual funds were $3 billion in November. The numbers, provided by Strategic Insight, included open-end and closed-end mutual funds, excluding ETFs and funds underlying variable annuities.
“Investor sentiment remains cautious,” said Avi Nachmany, SI’s director of research. “Although the S&P 500 rose 1% in December, fund shareholders are still suffering from volatility fatigue following the ups and downs of the second half of 2011. Portfolio rebalancing may result in reduced outflows from US equity funds in January, especially if the US stock market continues its 2012 rise.”
For the full-year 2011, long-term mutual funds saw net inflows of just $65 billion (excluding ETFs and VA funds), a dramatic drop from the net inflow of $247 billion in 2010.
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