Two to go:
Low volatility bubble
Dow bubble
As Congress moved the tax bill forward, investors pulled the highest amount out of equities funds in more than three years, suggesting some investors may see "tax cuts" as already priced in.
"I think the reaction was notable this week, after the tax reform passage. The outflows were remarkable...investors sold value, small caps, and financials, all "Trump trade" sectors that should benefit from the sweeping tax bill.
U.S. value funds had outflows of $7.8 billion and small caps lost $5.8 billion, both the largest on record.
"It was exactly the kind of places where you saw big inflows after the U.S. election"
Bueller?
As usual, "the base" didn't get the memo...
