You can fool some of the people all of the time but . . .

Online newsletter OnWallStreet tells us that in May, $56 billion of net inflows (new investments less redemptions) were attracted by stock and bond mutual funds & ETFs.  Which brings the total so far thru May to $350 billion.  Now that may not seem like a very large number compared to the $13 trillion held by U.S. Investment Companies (mutual fund families).  But it bothers me; people are still chasing returns at the top of the market, believing Wall Street’s mythology that somehow the economy is “on the road to recovery”.         Keep this in mind:  someone else is selling those shares.

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