誰がよりおバカさんかという皮肉で締めくくっています。


The Next Time Your Financial Advisor Tells You To Buy Stocks, Show Them This Chart

Tyler Durden's picture




 

Earlier today, we noted that while the market was surging last week, the smart money was selling. This comes at the same time as ICI reported major redemptions from both stock ($3.9 billion) and bond ($4.5 billion) mutual funds, even as corporate buybacks were decelerating, leading to the question of just who was buying stocks during the Santa rally of the past two weeks.


今朝早く、ZeroHedgeはこう書いた、先週株価は高騰したが、スマートマネーは売っている。同じ内容をICI(Investment Company Institute)が報告している、投資信託が株式($3.9B)も債券($4.5)も売却している、同時に自社株買いも減っている、ではこの二週間のサンタラリーで誰が買っていたのだろう。


But something even more surprising emerged when looking at the detailed breakdown of how the "smart money" has been flowing. As Bank of America clarifies, when explaining where its $0.7 billion in weekly outflows came from, "net sales were chiefly due to institutional clients last week" and adds that institutionals "have sold stocks for eight consecutive weeks"!


「スマートマネー」の詳細を分析すると驚くべきことが明らかになる。バンク・オブ・アメリカが明らかにした、$0.7Bを一週間で引き出したのは誰か、「先週の正味の売りは法人だった」さらにこう加える、「法人の売りはこの8週連続だ。」!


And then something even more surprising emerges when looking at the YTD breakdown of flows: while hedge funds and private clients (retail) have largely offset each other over the past year, the former selling $2.8BN and the latter buying $2.2BN in 2015, something odd has taken place at the institutional level: starting in early January, the largest financial institutions - mutual funds and various other asset managers - have unleashed an unprecedented selling spree for 11 consecutive months, which has brought their total outflow to $26.8 billion.


年初来の資金の流れを見るともっと驚くべきことがわかってくる:ヘッジファンドと個人顧客がこの一年では相殺している、2015年では、前者の売り$2.8B、後者の買い$2.2B、法人の売買を見るととても奇妙なことが起きている:1月の初めから、最大金融法人ーー投資信託や各種運用会社ーーが11月連続で巨額の売りを実行した、総額$26.8Bだ。


Which leads to another question: if institutions are actively dumping stocks, perhaps mom and pop investors should show the following chart to their financial advisors, who directly or indirectly work for these institutions, and ask them: why should they be buying, when the counterparty they are buying from is, most likely, this very same financial advisor?


今度はまた次の疑問が湧く:もし法人が積極的に株式を売っているなら、おじさんおばさん投資家は自分のファイナンシャルアドバイザに下のチャートを見せてみるといい、ファイナンシャルアドバイザは直接/間接的にこれらの法人の仕事もしているはずだ、でこう聞くといい:どうして法人は買わないんだ、相手方は買っているわけで、同じファイナンシャルアドバイザが対応してるだろう?


 

It isn't just 2015: as BofA adds, and shows in the next chart "institutional clients overall were only net buyers in 2009, as well as in 2011." They were net sellers all the other time as the green line clearly shows.


これは2015に限ったことではないとバンク・オブ・アメリカは下のチャートも開示している「法人がネットバイヤーだったのは2009(訳注:2008のように見えますが。)と2011だけだ。「彼らは他の年はネットセラーだった、緑の線を見れば明らかだ。」

 

Finally, here is the full breakdown of what all of Bank of America's clients have done since the start of the recession: it is almost as if they have all been... selling?


最後に、あの景気後退以降のバンク・オブ・アメリカ全顧客の分類だ:すべての顧客が売り方ではないか?

 

Just who is the greater fool?


まさに誰がよりおバカさんだろう?