Stocks have been rallying for six weeks. Who is buying and what have they bought?
For the first time in a decade, the marginal investor, who has the biggest impact on any day, may be a mutual fund manager, required to buy only equities and not to sell short.
Steady inflows into stock funds, as baby boomers acted on the belief that stocks did best in the long run, fuelled the boom of the 1990s. Funds had no choice but to put most of their investors' money into stocks.
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