INSTITUTIONS DRIVE MARKETS Institutions typically lead in the stock market and retail investors follow, which is why equity-based mutual funds and ETFs have seen record outflows in 2019, but the stock market has still gone up. Institutions have been supporting the markets since the December 2018 low.THESE PERIODS ARE SIGNIFICANTLY DIFFERENTLong-term trends can help us (a) monitor what institutions are doing and (b) assess the market’s risk-reward profile. The first chart below shows the S
