Mutual fund flows indicate that the majority of the money is still flowing into bonds, not stocks.

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According to BCA Research, mutual fund flows reflect that retail investors still prefer lower yielding corporate and government bonds over equities.

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Another factor that influences the municipal bond market is mutual fund flows.

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In fact, per Strategas, from March 2009 through July 2011, mutual fund flows reflect that the average investor has been a net seller of stocks despite a near 100 percent market rally during the time period.

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Multiple studies measuring mutual fund cash flows prove that advisors have no skill in timing investments and there is no evidence they are getting better at it.

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Fidelity Investments and American Funds, among the largest in the category, saw redemptions or weak investor interest compared with competitors, according to an analysis of mutual-fund flows done for The Wall Street Journal by research firm Strategic Insight, a unit of New York-based Asset International.

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