continued

Investors continued to pull money out of the stock market well after the 1973-74 bear market had ended, after the 1987 crash, after the 1990 bear market, and certainly after the 2000-2002 bear market. As money-flow research firm Trim Tabs reported, “After the 1987 crash investors pulled $20 billion out of equity mutual funds, and then made the opposite mistake of putting $22 billion back into the stock market only a year before the 1990 bear market.”